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XAUUSD market technical outlook
2020-06-17 10:53:46
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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