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