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XAUUSD market technical outlook

Daily chart:

Corrective downswing remains uncompleted, that probably will keep intraday tendency for decline of the quotes. Optimal target of pullback is 1466.00.

H1-chart:

Local structure has downward tone and resides in a trending phase. Thus we can expect development of downswing in direction of the closest low (1470.00).

Conclusions:

Decline of the quotes in direction 1466.00-1470.00.

Trading recommendations:

Shorts to 1466.00-1470.00.

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