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XAUUSD market technical outlook
2020-02-18 09:00:01
As it was anticipated, gold extended its growth in direction of resistance zone 1588.42-1593.52. It’s going to be hard for bulls to move higher. Much more probable scenario appears a start of downswing toward broken pivot 1576.21.
H1-chart:
Local structure keeps upward tone. So far the market remains in a trending stage coinciding with daily scenario of reaching resistance zone 1588.42-1593.52.
Conclusions:
Growth in direction 1588.42-1593.52 and following downward reversal.
Trading recommendations:
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Longs to 1588.42-1593.52.
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Shorts from 1588.42-1593.52 to 1576.21.
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