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XAUUSD market technical outlook
2020-05-20 10:21:07
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:
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Shorts from 1750.47-1751.95 to 1725.49-1726.82.
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Longs to 1765.00-1770.00 (in case the price settles above 1751.95).
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