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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.

H1-chart:

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.

Conclusions:

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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