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XAUUSD market technical outlook
2020-08-26 08:50:58
Consolidation of the gold market in the 1910.00-1962.00 range is in progress. And it’s probably coming to an end. Key level now is support 1910.00 and we can expect a development of one of the two scenarios with respect to this mark: a drop to 1863.00 (scenario 1 on the chart) or mid-term growth in direction 2015.31 (scenario 2).
H1-chart:
Right now a “double bottom” pattern is potentially being formed within local structure. To validate it bulls shouldn’t let the break of support zone 1914.10-1915.20 happen that would allow them to develop upswing in direction of resistances 1930.00, 1937.20, 1945.00 (black arrow). If the support zone 1914.10-1915.20 proves broken, the lower wall of daily consolidation at 1910.00 will get under substantial pressure (red arrow).
Conclusions:
Main scenario: Upward bounce off support 1914.10-1915.20 and further growth in direction 1930.00, 1937.20, 1945.00.
Alternative scenario: Break of support 1914.10-1915.20 and decline to 1910.00 with a serious threat of further drop below 1900.00.
Trading recommendations:
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Above 1914.10-1915.20 - longs to 1930.00, 1937.20, 1945.00.
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Below 1914.10-1915.20 - shorts to 1910.00, 1900.00.
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