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XAUUSD market technical outlook

Daily chart:

Corrective downswing wasn’t completed so far, therefore there are still chances for renewal of yesterday’s low (1641.38), after that we might get a full downward reversal as a part of new trending movement.

H1-chart:

Local downward structure has bearish pinbar at the tip of corrective swing, which implies a start of new trending downswing being a sell signal. Thus we expect a decline from current levels in direction of the closest low (1641.56).

Conclusions:

Decline under 1641.56.

Trading recommendations;

Shorts to 1641.56.

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