XAUUSD market technical outlook

2020-07-06 08:38:35

Daily chart:

The structure of gold market is forming trending bullish swing suggesting probable preparation for a break of the recent high (1788.73). Buyers are obviously interested to reach the psychological level of $1800 for a troy ounce and so far everything leads to successful hitting this target.

H1-chart:

Local structure shows explicit bullish momentum, therefore given the completed corrective downswing we can expect an upward bounce off 1773.28-1774.00 in direction of the recent high 1788.73.

Conclusions:

Growth from 1773.28-1774.00 in direction 1788.73.

Trading recommendations:

Longs from 1773.28-1774.00 in direction 1788.73.

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