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XAUUSD market technical outlook

Daily chart:

So, previous day brought a close in the shape of bullish pinbar at the tip of downswing. It’s a very strong buy signal! Thus we can expect a start of new upswing in direction of the pivot-zone 1480.70-1483.11.

H1-chart:

Within local structure we got an upward reversal via bullish pattern Over&Under. Supposed buy entry point is 1448.00 (penultimate low). One more strong pivot on the way of downswing is 1455.84. Thus today we consider longs from 1445.84 and 1448.00. The closest target for bulls will be resistance level 1472.69.

Conclusions:

Main scenario: Decline to the 1448.00 level and then growth in direction 1472.69.

Alternative scenario: Upward bounce off 1455.84 and upward reversal towards 1472.69.

Trading recommendations:

Longs from 1455.84 and 1448.00.

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