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XAUUSD market technical outlook

Daily chart:

Downswing wasn’t completed so far, therefore we should acknowledge that the bearish pinbar was not executed. Thus further decline of the gold market in direction of the support zone 1902.42-1910.88 is quite likely.

H1-chart:

Local structure consolidates in the range of recent swing (1937.00-1951.36). Thus we consider a scenario of decline to 1937.00. And break of this support will boost the bearish scenario as consolidation will be broken to the downside.

Conclusions:

Decline to 1937.00 with aim at further drop in direction 1902.42-1910.88.

Trading recommendations:

Shorts to 1937.00, 1930.00, 1920.00, 1910.42.

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