XAUUSD market technical outlook

2020-11-11 07:57:37

Daily chart:

As it was presumed, yesterday’s session was closed by the forming of a bullish inside bar, which is a very solid buy signal. We expect a start and development of new upswing in direction of resistance zones 1918.58-1922.00 and 1931.20-1932.93.

H1-chart:

Local structure of the gold market is highly consolidated in the 1867.18-1890.04 range. Once this channel gets broken (presumably - to the upside), the price will get a boost and might grow to 1935.00.

Conclusions:

Main scenario: Impulse growth in direction 1935.30.

Alternative scenario: Continuation of consolidation in the 1867.18-1890.04 range.

Trading recommendations:

Longs to 1935.

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