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XAUUSD market technical outlook

Daily chart:

Yesterday bears in quite a brutal style broke several strong levels in a row, therefore market might need a correction. Given that support zone 1458.75-1460.37 was tested, there is a high probability of forming new corrective upswing from current levels in direction of pivot-zone 1483.11-1486.72.

H1-chart:

Local structure undergoes the stage of upward correction. Current swing evidently will face resistance at 1479.12-1480.61, from where we might consider short-term selling towards 1470.00.

Conclusions:

Growth to 1479.12-1480.61 and then decline to 1470.00.

Trading recommendations:

  1. Longs to 1479.12-1480.61.

  2. Shorts from 1479.12-1480.61 to 1470.00.

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