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XAUUSD market technical outlook

Daily chart:

Corrective downswing is launched. Its development potential now resides at the area of dynamic support 1610.86-1620.00, where we have the 8-day EMA. We could consider mid-term long trades again right from this level.

H1-chart:

Local upward structure got a steep cut of corrective swing in the shape of bullish inside bar. Thus buyers again has the chance to attack resistance 1690.00 in order to try to take the 1700.00 mark.

Conclusions:

Growth in direction 1690.00-1700.00.

Trading recommendations:

Longs to 1690.00-1700.00.

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