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XAUUSD market technical outlook

Daily chart:

Corrective downswing wasn’t completed yesterday after all - market lacked just 3 cents to do that! Thus the day was closed by bullish inside bar, which can’t be regarded a long-signal exactly because of the absence of full-scale downswing in the structure.

This keeps a probability of new decline to the region of yesterday’s lows (1458.33). 

H1-chart:

Local structure has tangible higher low and it’s one of the attributes of upward reversal. Upswing can quite reach the pivot-level 1471.00, where we can face sell-offs again.

Conclusions:

Growth in direction 1471.04 and then downward reversal to 1465.00 and 1458.00.

Trading recommendations:

  1. Longs to 1471.04.

  2. Shorts from 1471.04 to 1465.00 and 1458.00.

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