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XAUUSD market technical outlook

Daily chart:

Gold again got support at 1720.78 yesterday that can be taken as strong position of bulls. However it’s too early to draw such conclusions as the structure still lacks a full-scale bearish swing meaning that market will definitely switch to its forming.

A perspective zone for new sell-offs remains resistance area 1737.71-1745.58.


Local structure so far keeps 100% bearish tone having systematic lower highs (small black arrows). Another downswing may start at any moment with development potential below the recent structure’s low (1715.95).


Decline in direction 1715.95 and 1710.00.

Trading recommendations:

Shorts to 1715.95 and 1710.00.

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