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XAUUSD market technical outlook

Daily chart:

It’s surprising, but upswing was fully completed by yesterday’s local high. Given that after this peak market got bearish close, we can say that the gold market is highly consolidated. Consolidation range is 1910.00-1961.70. Thus we can expect a break of this range and active impulse distribution in direction of the break.

In case of upward ejection gold might attack resistance 2015.31 again (scenario 1). In case of downward break we would expect a drop to 1863.00 (scenario 2).

H1-chart:

Local structure keeps bearish tone so far. Potential offer zones are 1937.38 and 1945.88. Intraday target of decline is 1911.25.

Conclusions:

Testing of resistance levels 1937.38 and 1945.88, then decline to 1911.25.

Trading recommendations:

Shorts from 1937.38 and 1945.88 to 1911.25.

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