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XAUUSD market technical outlook
2020-06-22 08:20:11
So, bulls broke mid-term resistance zone 1737.82-1743.45 and now they move with good dynamics to the recent peak of the structure at 1764.36. Will they be able to pass this barrier without downward correction - it’s the main question of the week. But potential of gold market so far is evident.
H1-chart:
Within local structure a corrective downward pullback will probably be performed as amplitude of upward movement could de-energize buyers and some of them will prefer to book profit.
The most optimal area for new long trades appears the pivot-zone 1736.39-1737.82. Thus this zone is the utmost point for downward pullback of the market today.
Conclusions:
Main scenario: Decline in direction 1736.39-1737.82 and then extension of growth to 1757.68 and 1764.36.
Alternative scenario: Extension of growth in direction 1764.36 from current levels.
Trading recommendations:
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Cautious intraday shorts to 1736.39-1737.82.
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Longs from 1736.39-1737.82 to 1757.68 and 1764.36.
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