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XAUUSD market technical outlook

Daily chart:

Gold is consolidating in the range between PPZ 1689.36-1702.58 and resistance 1746.27. It looks like this tendency will be extended as the structure apparently will need a corrective swing for continuation of uptend.

H1-chart:

We also note a strong local resistance at the area of $1725 for an ounce, which bulls are unable to overcome as we see. Thus we expect one more downswing in direction of support level 1711.25. It looks like today session will flow between these levels.

Conclusions:

Flat in the 1711.52-1725.00 range.

Trading recommendations:

  1. Shorts to 1711.25.

  2. Longs from 1711.25 to 1725.00.

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