XAUUSD market technical outlook

2020-07-02 08:42:42

Daily chart:

Resistance zone 1788.00-1790.00 has triggered development of a very intensive downward correction yesterday, which now is quite capable of reaching the mid-term pivot-zone 1743.45-1746.86. Mid-term trend at this zone will still keep upward tone, therefore it’s highly likely that bulls will be very aggressive in attempts to guard it here.

H1-chart:

Downward structure has a kind of abnormality, which consists in the fact that the size of daily bearish swing entirely coincides with H1-swing. Having such structure the sellers barely won’t have fuel for further decline.

Given that the structure doesn’t have an upswing so far, we can expect a pullback of gold to resistance zone 1771.39-1773.38 with following development of new downward movement in direction 1743.45-1746.86.

Conclusions:

Gold probably will extend decline in direction 1743.45-1746.86. But market can perform a prior testing of 1771.39-1773.38.

Trading recommendations:

Shorts from 1771.39-1773.38 to 1743.45-1746.86.
Longs from 1743.45-1746.86.

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