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XAUUSD market technical outlook

Daily chart:

So, downswing is, supposedly, accomplished: a pinbar was formed yesterday after testing of 1690.71. Such signal at the tip of the swing is quite a solid long-setup and it can be seen that it triggered the movement already.

Thus we can expect further growth of the quotes in direction of resistance zone 1737.39-1747.27.

H1-chart:

Local structure has bullish reversal pattern Over&Under with buy entry point from the penultimate low (1708.27). Given the bearish pinbar at the tip of upswing, right now we can expect a development of downward pullback to 1708.27. We might open long trades from this level reckoning on momentum to 1725.00 and 1728.25.

Conclusions:

Decline to 1708.27 and then upward reversal to 1725.00 and 1728.25.

Trading recommendations:

  1. Shorts to 1708.27.

  2. Longs from 1708.27 to 1725.00 and 1728.25.

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