XAUUSD market technical outlook

2020-07-07 07:57:05

Daily chart:

Gold has formed another upswing and for extension of mid-term uptrend it’s critically important for bulls to break the recent high (1788.73). In this case a probability of testing the psychological level 1800.00 will reach its peak.

In case of bulls’ weakness at 1788.73 a threat of “double high” pattern forming and, as a consequence, of a downward reversal will emerge.

H1-chart:

Local upward structure undergoes the stage of downward correction completion. In case bullish trend retains its credit, we’ll see a steep increase of buyer’s activity at 1779.00-1780.00, where the recent broken high resides (black trajectory).

In case of break of 1779.00-1780.00 gold quotes will slide to 1770.00 (blue arrow).

Conclusions:

Main scenario: Decline to 1779.00-1780.00 and then upward momentum in attempt to break 1788.73.

Alternative scenario: Break of 1779.00 and decline to 1770.00.

Trading recommendations:

Longs from 1779.00-1780.00 with holding positions to 1790.00 and 1800.00.

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