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XAUUSD market technical outlook

Daily chart:
Mid-term pivot-zone 1562.29-1567.62 was tested today, which as we see is triggering quite an intensive bounce. Thus there are big odds for reversal and forming of new upswing.


Local downward structure has ideal proportions of downtrend. Given a completed corrective upswing and testing of the pivot-zone 1589.40-1593.62 bears can sharply regain control at current levels and switch market to another trending decline which can break the last low (1567.85). 


Main scenario: Decline under 1567.85 with aim at 1560.00 and 1550.00.

Alternative scenario: Growth above 1600.00 can provide gold with upward reversal till the end of this week.

Trading recommendations:

Shorts to 1560.00 and 1550.00.

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