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XAUUSD market technical outlook

Daily chart:

Intensive upswing is launched, which is going to be used by bulls to break local high 1576.76, that may drive to movement to resistance zone 1588.42-1593.52.


Local upward structure is forming corrective downswing, which can let traders to get better buy entry points (from pivot-zone 1569.29-1570.24 for instance).


So, we expect completion of downward pullback (supposedly at 1569.29-1570.24) and then start of new upswing in direction 1588.42-1593.52.

Trading recommendations:

Longs to 1588.42-1593.52 (optimal entry is 1569.29-1570.24).

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