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XAUUSD market technical outlook

Daily chart:

Gold was unable to overcome stiff barrier at 1480.70-1483.73 having triggered forming of bearish pinbar at the tip of upswing. Thus we can expect development of corrective downswing in direction of the pivot-level 1458.63. 

H1-chart:

Reversal bearish pattern Over&Under was formed within local structure, which recommends to go short from the area of penultimate high (1481.37). Thus we can expect a pullback to this area (watch orange arrow) before drop of the quotes.

At the same time gold is declining right now and this swing may reach PPZ 1464.62-1466.12.

Conclusions:

Main scenario: Decline to 1464.62-1466.12.

Alternative scenario: Upward reversal and growth in direction 1481.37, from where we might expect an intensive decline again.

Trading recommendations:

  1. Shorts to 1464.62-1466.12.

  2. Sell limit orders from 1481.37.

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