XAUUSD market technical outlook

2020-07-20 07:50:15

Daily chart:

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:

Shorts from 1813.12-1814.52 to 1802.29-1802.77.
Longs from 1802.29-1802.77.

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