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XAUUSD market technical outlook

Daily chart:

Forming of the downswing’s tip continues at the support area 1483.11-1486.72. Direct signal for the start of upswing wasn’t formed yet, therefore this tendency may remain in place today also. Nevertheless, considering mid-term outlook, we can expect recovery of the quotes in direction 1500.00-1510.00.

H1-chart:

Local upward structure undergoes the stage of corrective downswing development, which supposedly will be completed at PPZ 1485.62, from where we can consider longs-trades in direction 1497.07-1500.00.

Conclusions:

Decline to the 1485.62 region and then growth in direction 1497.07-1500.00.

Trading recommendations:

Longs from 1485.62 to 1497.07-1500.00.

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