XAUUSD market technical outlook

2020-06-17 10:53:46

Daily chart:

Gold again got support at 1720.78 yesterday that can be taken as strong position of bulls. However it’s too early to draw such conclusions as the structure still lacks a full-scale bearish swing meaning that market will definitely switch to its forming.

A perspective zone for new sell-offs remains resistance area 1737.71-1745.58.

H1-chart:

Local structure so far keeps 100% bearish tone having systematic lower highs (small black arrows). Another downswing may start at any moment with development potential below the recent structure’s low (1715.95).

Conclusions:

Decline in direction 1715.95 and 1710.00.

Trading recommendations:

Shorts to 1715.95 and 1710.00.

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