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XAUUSD market technical outlook

Daily chart:

Upswing is testing the area of mid-term resistance 1737.94-1746.27, which can trigger a tangible downward pullback. Thus sell signals formed in this region will have a big forecast value and high chances for execution.

The opposite is also true: if bulls settle above this zone, gold might get tangible boost of growth (blue arrow).

H1-chart:

Local upward structure is in a trending stage. Amplitude of growth is too big to let bulls overcome the 1737.94-1746.27 barrier without prior downward correction. Thus we can expect a pullback to 1728.00-1732.00.

Conclusions:

Growth to 1737.94-1746.27 and then correction in direction 1728.00-1732.00.

Trading recommendations:

  1. Longs in direction 1737.94-1746.27.

  2. Seeking local confirming sell signals at 1737.94-1746.27. 

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