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XAUUSD market technical outlook

Daily chart:

Gold switched to corrective downswing. The closest potential stopping point might be PPZ 1635.00-1640.00. However in case of a break correction might get way deeper and reach 1588.42-1593.52. Such bold target of course stands beyond a single trading session.


Local downward structure is building corrective upswing. Its potential is limited by the closest high at resistance level 1681.40. And the next target of decline will be support level 1633.71.


So, we expect completion of correction at 1680.00-1681.40 and after that decline of the quotes will be extended in direction 1633.71.

Trading recommendations:

Shorts from 1680.00-1681.40 to 1633.71.

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