XAUUSD market technical outlook

2020-06-19 08:51:02

Daily chart:

Support at 1720.28 keeps being actual for gold. We can’t rule out a new attempt of attacking the mid-term resistance zone 1743.83-1745.58, which so far looks impassable.

H1-chart:

Local structure shows tangible bullish momentum suggesting upcoming testing of the closest high (1736.50), where we can get a correction to 1732.00. In case of such pullback we might again consider longs reckoning on further upward movement in direction 1743.83-1745.58.

Conclusions:

Growth to 1736.50 with aim at 1743.83-1745.58. Prior downward pullback from 1736.50 to 1732.00 may take place.

Trading recommendations:

Longs to 1736.50 and 1743.83-1745.58.

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