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XAUUSD market technical outlook

Daily chart:

Bearish pin might be potentially formed at the tip of upswing (round black mark) that would be a signal for new downswing start tomorrow.

If bulls manage to renew today’s highs upswing might reach 1588.42 (see the black trajectory).


Local structure so far is bracketed between support zone 1568.95-1569.63 and resistance 1573.00-1574.00. It looks like we’ll see continuation of flat in this range.


Flat in the 1568.95-1574.00 range.

Trading recommendations:

Short-term trades inside the 1568.95-1574.00 channel.

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