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XAUUSD market technical outlook

Daily chart:

Gold approaches to stiff resistance zone 1516.73-1519.17, from where it’s highly likely to get a new downswing in direction 1500.00 and 1480.70-1483.11 (watch the black trajectory).

In case of break of resistance 1519.17, we might expect continuation of growth to the 1535.22 region (watch the blue arrow).

H1-chart:

Local upward structure retains potential for growth, therefore testing of 1516.73-1519.17 zone is a very likely event.

Conclusions:

Main scenario: Growth to the 1516.73-1519.17 zone and then downward reversal in direction 1500.00.

Alternative scenario: Break above 1516.73-1519.17 will lead to further growth towards 1535.22.

Trading recommendations:

  1. Longs towards 1516.73-1519.17.

  2. Shorts from 1516.73-1519.17 to 1500.00.

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