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XAUUSD market technical outlook
2020-07-20 07:50:15
Alas, but close of Friday’s trading session by bullish inside bar means little for buyers. Yes, uptrend doesn’t cast doubts, but market hardly will post new highs without a full-scale bearish swing. This means that at resistance level 1817.64 we might see dampening bulls and downward reversal again.
H1-chart:
Local resistance zone capable to reverse gold to the downside is 1813.12-1814.52. Here we see an absence of directed trend, therefore there are no reasons for breaking above it as well.
Potential target for development of downswing will be support zone 1802.29-1802.77.
Conclusions:
We expect a downward reversal in direction 1802.29-1802.77 after testing of 1813.12-1814.52.
Trading recommendations:
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Shorts from 1813.12-1814.52 to 1802.29-1802.77.
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Longs from 1802.29-1802.77.
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