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XAUUSD market technical outlook

Daily chart:

As we supposed yesterday support area 1562.29-1576.71 managed to hold gold triggering today a development of new upswing. Potentially this swing is quite able to reach resistance level 1643.31 at the last local high.

H1-chart:

Consolidation of the market can be well seen in the local structure - we are getting consecutive lower highs and higher lows. Thus key resistance is the psychological level 1600.00: in case it’s broken, it will reverse the trend and direct the asset to 1612.73 (blue arrow).

While formally a break of 1600.00 hasn’t taken place, downward reversal in direction 1571.71 is still possible. 

Conclusions:

Main scenario: Growth above 1600.00 to 1612.73.

Alternative scenario: Downward reversal from 1600.00 in direction 1571.71.

Trading recommendations:

  1. Longs to 1612.73.

  2. Shorts from 1600.00 to 1571.71 (in case alternative scenario is confirmed).

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