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XAUUSD market technical outlook

Daily chart:

As we supposed gold market switched to downswing after upward bounce off support 1690.71-1702.58. One more attempt of testing resistance 1737.94-1746.27 looks reasonable now.


Local upswing has sufficient length but keeps good bullish momentum without signs of stopping. It’s quite possible that buyers will reach 1737.94-1746.27 zone without downward pullback.


Growth in direction 1737.94-1746.27.

Trading recommendations:

Longs in direction 1737.94-1746.27.

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