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XAUUSD market technical outlook

Daily chart:

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:

  1. Longs to 1588.42-1593.52.

  2. Shorts from 1588.42-1593.52 to 1576.21.

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