XAUUSD market technical outlook

2020-05-04 09:00:08

Daily chart:

As we see downswing didn’t get a significant development. Instead of this market switched to the phase of upswing. Potential of its development is not too big so far as structure got bearish tone last week. Therefore we can assume that gold won’t go above the closest high 1720.35 and we can expect a downward reversal from this level in direction 1690.71.

H1-chart:

Local structure is in final stage of building corrective upswing. It’s unlikely that bulls are capable to go above resistance 1711.18-1712.41. Consequently it’s the level where we can consider short trades with count on drop of the quotes to support 1691.35.

Conclusions:

So, we expect end of growth at 1711.18-1712.41 and then decline in direction 1691.35.

Trading recommendations:

Shorts from 1711.18-1712.41 to 1691.35.

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