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XAUUSD market technical outlook

Daily chart:

Upswing is developing without direct long-signal, that may drive to constant turns of the market into correction or even deepening of downswing to the 1516.00-1518.72 region (watch the black arrow).  Such scenario could be considered in case the quotes will break the last local low (1539.34). So far the major option is continuation of growth (watch the red trajectory).

H1-chart:

Local structure is trending up and it will keep its status until the support 1545.51 isn’t broken (watch the black and blue arrows). If bulls make a spurt, the gold might recover towards 1573.70-1578.00. And move under 1545.51 will drive to second testing of 1539.34.

Conclusions:

Main scenario: Downward pullback to 1545.51 and then start of new upswing in direction 1573.70-1578.00.

Alternative scenario: Decline to 1539.34.

Trading recommendations:

  1. Above 1545.51 - longs to 1573.70-1578.00.

  2. Below 1545.51 - shorts to 1539.34.

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