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XAUUSD market technical outlook

Daily chart:

Gold grows in direction of resistance zone 1734.94-1746.27, where we can equally get either a further upward break or corrective downward pullback.

Buyers keep positional advantage as trend of gold is apparently bullish.


Local upward structure is forming trending upswing, which might get problems at resistance 1738.00, which is a key zone today that defines further scenario of today’s session.


Main scenario: Growth to 1738.00 first and then to 1746.27.

Alternative scenario: Touch of 1738.00 and then downward reversal in direction 1717.20-1720.22.

Trading recommendations:

  1. Longs to 1738.00 and 1746.27.

  2. Shorts from 1738.00 to 1717.20-1720.22 (in case of getting a confirming signal).

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