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XAUUSD market technical outlook

Daily chart:

Upswing is poised to test pivot-level 1643.38, where we can get either a further upward break in direction 1700.00 (black arrow) or a downward reversal (blue trajectory). Thus it’s important to monitor market reaction on this level.

H1-chart:

Bulls after a substantial accumulation has confidently broken another pivot-zone 1619.00-1621.00. Thus we expect reach of 1643.38 and probable attack of buyers.

Conclusions:

Main scenario: Break of 1643.38 and extension of growth in direction 1700.00.

Alternative scenario: Growth to 1643.38 and following downward reversal.

Trading recommendations:

  1. Longs to 1643.38 and 1700.00.

  2. Seeking probable sell signals at 1643.38.

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