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XAUUSD market technical outlook

Daily chart:

Gold grows and it’s not going to stop. Investors don’t hurry to close positions amid overall uncertainty of the market. There are all reasons to expect further growth of the asset to local round marks 1960.00, 1970.00, 1990.00. And of course a long-term target is the psychological level of $2000 for an ounce where most likely profit booking will be triggered. 

H1-chart:

Local upward structure got a slight stop at its peak that may suggest a short-term pullback to the recent broken base 1908.00-1909.80. In case of such correction development it’s recommended to enter long-trades at this zone again. It’s unsafe to enter at current levels due to very high required stop loss level.

Conclusions:

Main scenario: Corrective decline to 1908.00-1909.80 with steep extension of growth in direction 1960.00.

Alternative scenario: Extension of growth from current levels in direction 1960.00 and 1970.00.

Trading recommendations:

Seeking local buy signals during probable downward correction.

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