XAUUSD market technical outlook

2020-05-20 10:21:07

Daily chart:

As we supposed yesterday, gold got support at the area of 8-day EMA that resulted in a tangible upward bounce.

Thus bulls have good chances for trying to attack the last structure’s high (1764.88).

H1-chart:

And locally we have an opposite signal! Bearish pattern Over&Under which can trigger decline as the price resides at the area of potential offer 1750.47-1751.95.

In case of confirming the quotes can slide to support zone 1725.49-1726.82.

Conclusions:

Main scenario: Decline from current levels in direction 1725.49-1726.82.

Alternative scenario: Break above 1751.95 and growth in direction 1765.00-1770.00.

Trading recommendations:

Shorts from 1750.47-1751.95 to 1725.49-1726.82.
Longs to 1765.00-1770.00 (in case the price settles above 1751.95).

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