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XAUUSD market technical outlook

Daily chart:

Upswing is testing a mighty mid-term pivot at 1478-28-1480.70. Given that structure didn’t a full-scale corrective downswing earlier, we can suppose a downward bounce from this zone.

H1-chart:

Local structure will keep upward status until the closest low (1472.96) is unbroken. Following the conclusions from daily chart it’s a very likely event, which could drive to development of downswing in direction of support zone 1465.00 (red arrow).

If bulls manage to keep control over the market, we’ll see one more upward momentum in direction of mid-term resistance 1486.50 (watch the black trajectory).

Conclusions:

Main scenario: Decline to 1465.00.

Alternative scenario: Growth from 1472.96 to 1486.55.

Trading recommendations:

  1. Shorts with count on break of support 1472.96 to 1465.00.

  2. Longs from 1472.96 to 1465.00 (an additional confirming signal is needed).

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