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XAUUSD market technical outlook

Daily chart:

Forming of upswing is in progress. We expect testing of strong pivot-zone 1480.70-1486.72, which can reverse the quotes to the downside.

However in case of break bulls will get prospects of movement in direction of long-term resistance zone 1516.00-1518.00 (yellow area on the chart).

H1-chart:

Local structure has explicit break of consolidation to the upside, therefore the are all reasons to expect further growth of gold to the 1480.70-1486.72 region.

Optimal scenario for traders would be prior pullback towards broken zone 1474.09-1474.83 (watch the red trajectory). But it’s hard to reckon on that having such strong bullish pressure.

Conclusions:

Main scenario: Growth towards 1480.70-1486.72.

Alternative scenario: Downward pullback to 1474.09-1474.83 and then growth in direction 1480.70-1486.72.

Trading recommendations:

Longs towards 1480.70-1486.72 (optimal entry point is 1474.09-1474.83).

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