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XAUUSD market technical outlook

Daily chart:

Gold reached strong mid-term resistance zone 1513.20-1516.00. Development of downward correction is highly likely from this area. The first target of pullback probably will be 1495.00-1500.00 region.

H1-chart:

Bearish reversal setup Over&Under is formed within local structure. It’s recommended to sell the asset from 1512.20 level, where we have the last but one high. Thus we expect a pullback to this area and sell reckoning on drop in direction 1500.00.  

Conclusions:

Upward pullback to the 1512.00 region and then decline to 1500.00.

Trading recommendations:

Shorts from 1512.20 to 1500.00.

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