XAUUSD market technical outlook

2020-03-24 09:39:50

Daily chart:

Gold got an active correction to the upside, but right now it has risks to get stuck in a very wide and sticky pivot-zone 1561.45-1594.00. This zone virtually almost caused an effect on the market and most likely this will happen today as well.

We can’t rule out a pin toward the area of round psychological level 1600.00, but this will probably only boost sell-offs.

H1-chart:

Local upward structure has a very long trending swing that also speaks for development of downward correction.

We note PPZ 1547.38-1553.56, which can either trigger one more upward movement (black trajectory) or correction will be extended to the downside in direction 1515.66-1522.51 (blue arrow).

Conclusions:

Main scenario: Decline to 1547.38-1553.56 and then growth to 1594.00-1600.00 with following steep downward reversal.

Alternative scenario: Decline to 1547.38-1553.56 first and then continuation in direction 1515.66-1522.51.

Trading recommendations:

Shorts to 1547.38-1553.56 and 1516.66-1522.51.
Longs from 1547.38-1553.56 to 1594.00-1600.00.
Shorts from 1594.00-1600.00.

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