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XAUUSD market technical outlook

Daily chart:

Market has somewhat slowed down yesterday, but extension of movement to resistance zone 1689.36-1702.58 is still very likely.

From this zone in turn we can expect a downward reversal as upswing at the moment of testing will be having a very big scale and most likely bulls will be out of power by then.

H1-chart:

Local structure is building trending upswing suggesting a potential attack of resistance 1677.00.

Conclusions:

So, we expect growth above 1677.00 and reaching resistance at 1689.36-1702.58.

Trading recommendations:

  1. Longs to 1677.00 and 1689.36-1702.58.

  2. Shorts from 1700.00-1702.58.

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