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XAUUSD market technical outlook

Daily chart:

Daily bearish pin is being potentially formed from resistance level 1980.00 (yellow mark on the chart). We can record its actual forming only after close of today’s session, therefore so far it’s just a guess.

Nevertheless upswing is abnormally big already, therefore a downward correction is highly likely.  

But big sellers might have their interest higher, at the area of psychological barrier 2000.00, therefore we can’t rule out one more spurt to this region. 

H1-chart:

Local structure keeps upward status and it will go on until the closest low (1930.83) is unbroken. In case of a break we’ll get a reversal pattern Over&Under that will drive to a substantial decline (to 1900.00, blue arrow).

If bulls manage to guard this zone today, the odds for growth to 2000.00 will remain in place.  

Conclusions:

Main scenario: Decline under 1930.83 and forming of bearish pinbar by the end of the day that would be a solid sell signal for tomorrow.

Alternative scenario: Upward bounce off 1930.83 and extension of growth in direction 2000.00.

Trading recommendations:

  1. Below 1930.83 - shorts to 1900.00.

  2. Above 1930.83 - longs to 2000.00.

  3. Limit sell orders from 2000.00. 

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