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XAUUSD market technical outlook

Daily chart:

The 1638.00 level has triggered a corrective downward reversal today. Bulls’ fluency during the break of psychological barrier $1600 for an ounce casts big doubts on capability of bears to perform a tangible pullback. Though a touch of pivot-zone 1561.45-1576.71 looks quite reasonable on the chart.

H1-chart:

Gold undergoes corrective phase after a lengthy upswing. Given the fully completed downswing upward reversal can come at any moment. Bears’ targets (and concurrently the perspective zones of probable demand for the asset) might be 1547.38-1553.56 and 1515.66. Of course if they manage to pass the 1600.00 level. 

Conclusions:

Main scenario: Decline in direction 1547.38-1553.56 and 1515.66.

Alternative scenario: Upward bounce off 1600.00 and extension of growth in direction 1650.00.

Trading recommendations:

  1. Below 1600.00 - shorts in direction 1547.38-1553.56 and 1515.66.

  2. In case of upward bounce off 1600.00 - longs to 1650.00.

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