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XAUUSD market technical outlook

Daily chart:

A very solid decline during one day covered all distance to support 1478.98-1480.70, that probably will drive to a start of new pullback in direction 1500.00-1504.00, where it will be clear whether bears are ready for further attack.

H1-chart:

Local short consolidation in the range of last swing (1483.54-1487.13). Break of this accumulation will probably define further direction.

Upward target will be resistance area 1500.00-1502.89, downward target - 1470.00-1475.00.

Conclusions:

So, we expect break of the 1483.54-1487.13 range and further movement in direction of the break. In case of upward move gold will recover to 1502.89 and in case of downward break the target will be at 1483.54-1487.13.

Trading recommendations:

Trading with count on break of the 1483.54-1487.13 range.

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