XAUUSD market technical outlook

2020-08-21 07:56:34

Daily chart:

As we see, a halt of decline at 1924.87-1935.00 didn’t become a direct signal for recovery of the quotes. Bulls so far don’t show ardour to attack from current levels, therefore a certain breather taken by the market after an upward rally can quite become lengthy turning into a full-fledged consolidation in the 1924.87-1985.00 range.

H1-chart:

Local structure has very good points for opening trades and also a formed bullish reversal pattern O&U. Demand area according to O&U resides at 1924.27-1930.00, where we can expect an upward reversal in direction of resistances 1955.84 and 1979.00.

Conclusions:

Decline to 1924.27-1930.00 and then growth to 1955.84 and 1979.00.

Trading recommendations:

Shorts to 1924.27-1930.00.
Longs from 1924.27-1930.00 to 1955.84 and 1979.00.

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