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XAUUSD market technical outlook

Daily chart:

As we assumed previous day was closed by bearish inside bar at the tip of upswing being a solid short-setup. Thus we can expect a start of strong downward movement within new swing. Supposed target of bears will be support area 1480.70-1483.11.

H1-chart:

We note two strong resistance levels capable to crash gold’s quotes after completion of upward correction. These are 1508.13-1508.89 and 1514.00. New downswing can be triggered from each of these levels in direction 1485.50.

Conclusions:

Main scenario: Touch of 1508.13-1508.89 and then decline to 1495.50.

Alternative scenario: Growth towards 1514.00 and then start of steep downswing in direction 1495.00.

Trading recommendations:

Shorts form 1508.13-1508.89 and 1514.00 to 1495.00.

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