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XAUUSD market technical outlook

Daily chart:

Gold structure has intangible upward break, which doesn’t have full reversive power so far, but it substantially disrupts downward tone of the trend.

Thus probably we deal with flat in the 1480.70-1496.20 range. And stronger directed movements might be triggered after break of these boundaries (watch the red arrows). 

H1-chart:

Local structure has initial signs of downward market (lower high and following break of local low). Thus new downswing can quite reach the closest support level 1483.43, from where we might get an upward correction.

Conclusions:

Decline in direction 1483.43 and then rebound to the upside.

Trading recommendations:

  1. Shorts towards 1483.43.

  2. Longs from 1483.43 to 1488.00-1490.00.

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