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XAUUSD market technical outlook
2020-03-24 09:39:50
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.
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:
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Shorts to 1547.38-1553.56 and 1516.66-1522.51.
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Longs from 1547.38-1553.56 to 1594.00-1600.00.
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Shorts from 1594.00-1600.00.
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