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XAUUSD market technical outlook

Daily chart:

Corrective downswing is completed already, therefore there is a tangible probability of upward pullback off 1720.78, where we have a merger of the pivot-level and 8-day EMA. Such scenario is marked with black arrow. If 1720.78 level proves broken, correction might go much deeper in direction 1700.00 and 1690.71 (red arrow).


Local downward structure is forming trending swing also suggesting probable extension of decline and testing of 1720.78.


Main scenario: Decline to 1720.8 and then upward reversal.

Alternative scenario: Break of support 1720.78 and further decline to 1700.00.

Trading recommendations:

  1. Shorts to 1720.78.

  2. Longs from 1720.78.

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