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XAUUSD market technical outlook

Daily chart:
Gold structure keeps a bit chaotic tone with clear bearish momentum. If we take a closer look, we can distinguish a triangular accumulation of potential in the range between support zone 1483.11-1486.72 and upper boundary of triangle at 1505.00. It’s highly likely that this tendency will be protracted as there is enough room inside this triangle.  

H1-chart:

Local structure completed corrective upswing after facing very strong resistance zone 1490.03-1491.29, where we can expect a start of new downward movement in direction of the last low (1473.61).

Conclusions:

Main scenario: Decline from current levels in direction 1473.61.

Alternative scenario: Decline to the 1483.11-1486.72 zone and following upward bounce in direction 1500.00.

Trading recommendations:

  1. Shorts towards 1483.11-1486.72 and 1473.61.

  2. Seeking for probable buy signals at 1483.11-1486.72.

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