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XAUUSD market technical outlook

Daily chart:

Gold broke long-term resistance at 1737.39-1745.27 and now almost nothing interferes with bulls’ movement in direction of $1800 for a troy ounce. There should be corrections of course, but it’s early to discuss them yet.


Local upward structure got a bearish inside bar at the tip of trending swing, therefore a corrective pullback to 1750.42 would be appropriate now. Thus we expect testing of this level and go long reckoning on momentum in direction 1800.00.


Ending of the downswing at 1750.42 and following upward reversal in direction 1800.00 (it’s quite likely that such a bold target won’t be reached within one day).

Trading recommendations:

Longs from 1750.42 to 1770.00, 1780.00, 1790.00, 1800.00.

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