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XAUUSD market technical outlook

Daily chart:

Downswing is still in progress so far. Strong support level 1458.32 was successfully broken by bears yesterday, but we have to understand, that the lower this swing goes the higher the probability of upward correction start.

The structure doesn’t have direct long-signal so far, therefore we can’t rule out another renewal of local low before upward reversal.

 

H1-chart:

Local downtrend has more than 9-wave structure, that may point to exhaustion of sellers. Moreover we can observe forming of “Double low” pattern at support area 1447.79 (marked with yellow). Thus it’s highly likely, that bulls will try break the closest high (1466.37, watch the black arrow). But we can’t rule out a continuation of the main tendency (to the downside).

Conclusions:

Main scenario: In case of inability to break support 1447.79 - growth towards 1466.37-1472.50.

Alternative scenario: Decline under 1447.79 to 1440.00.

Trading recommendations:

  1. Longs to 1466.37-1472.50.

  2. Shorts with count on break of 1447.79 to 1440.00.

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