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XAUUSD market technical outlook
2020-10-12 08:03:21
Daily chart:
The structure got an upward reversal after bulls confidently broke resistance at 1910.54-1920.00 on Friday. Thus we can talk about high probability of further recovery of gold in direction of resistance zone 1961.69-1973.32.
H1-chart:
Local structure so far doesn’t have an intermediate corrective downswing, which is needed for further growth. Market probably will have to roll back to 1920.00-1922.00 to gain required fuel in order to extend uptrend.
Conclusions:
Main scenario: Pullback to 1920.00-1922.00, then new upward momentum in direction 1940.00, 1945.00, 1950.00.
Alternative scenario: Extension of growth to 1950.00 from current levels without correction.
Trading recommendations:
Longs from 1920.00-1922.00 to 1940.00, 1945.00, 1950.00.
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