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XAUUSD market technical outlook
2020-10-07 08:12:29
Scenario with drop of the quotes from the resistance zone 1918.00-1920.00 panned out. Moreover the market fully completed the bearish swing having tested support zone 1862.90-1872.08. This opens opportunities for development of upward correction to PPZ 1902.42-1906.74.
Though we need to understand that there was no direct signal for the start of pullback, therefore nothing hinders gold to drop further to 1848.48.
H1-chart:
As well as with the GBPUSD pair, downward reversal of gold took place via bearish pattern O&U. This makes possible a pullback of the price to the penultimate high (1918.49-1920.44 region), where the main mid-term offer zone resides now (red arrow).
Key resistance zone today will be the PPZ 1886.71-1889.53: we would consider forming a corrective swing only in case of growth above this zone. Otherwise decline of the quotes will be continued (black trajectory).
Conclusions:
Main scenario: Testing of 1886.71-1889.53, then decline in direction 1872.65, 1860.00 with aim at 1848.48.
Alternative scenario: Break above 1886.71-1889.53 will result in recovery of gold in direction 1900.00 and 1918.00-1920.00.
Trading recommendations:
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Below 1886.71-1889.53 - shorts to 1872.65, 1860.00, 1848.48.
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Above 1886.71-1889.53 - longs to 1900.00, 1918.00-1920.00.
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Limit sell orders to 1918.00-1920.00.
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