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XAUUSD market technical outlook

Daily chart:

So, bulls broke another high yesterday, therefore there are virtually no doubts that they’ll successfully reach 1800.00 level.

As always only the trajectory is in question. Given the today’s trading within yesterday’s range (“inside bar”) there is a likelihood of prior corrective decline to 1778.49-1770.00 with following movement to 1800.00 (black trajectory). Another option is a spike to 1800.00 and then switch to correction (blue scenario).

H1-chart:

Local structure is consolidating. Bears probably won’t be able to move the quotes below the pivot-zone 1786.53 on such market.

Thus a perspective trading tactics now appears long trades from this level.

Conclusions:

Decline to 1786.53 and then growth in direction 1800.00.

Trading recommendations:

Longs from 1786.53 to 1800.00.

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