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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.


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.


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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