XAUUSD market technical outlook

2020-09-24 10:11:33

Daily chart:

Gold continues to renew lows extending a massive mid-term downward correction. Market is clearly heading in direction of the round level 1800.00.

H1-chart:

Local downward structure has a massive trending bearish swing with a pinbar at its tip. It’s a buy signal, therefore we can expect a short-term recovery of the quotes to PPZ 1882.72, where the recent broken low resides. Here, in turn, we could consider shorts reckoning on extension of decline to 1800.00.

Conclusions:

Pullback to 1882.72, then resumption of decline in direction of the mid-term target 1800.00.

Trading recommendations:

Longs to 1882.72.
Shorts from 1882.72 to 1800.00 (in medium-term).

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