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XAUUSD market technical outlook

Daily chart:

Another bearish pinbar at the tip of upswing is formed (oval blue mark). Let’s remind that the previous pin was broken by the shadow of this new bar resembling the game of a big seller. The fact that another pin was formed from the same pivot-zone (1961.69-1971.57) also lifts a probability of bearish scenario development from current levels. If this scenario is confirmed, bears’ target  will be the support zone 1902.42-1910.88.

H1-chart:

We also got a sell signal within local structure - bearish pinbar at the tip of upswing. Let’s note a tangible difference in two recent highs that confirms probable inability of bulls to keep pressure. We expect a start of decline in direction of support level 1939.69 with high likelihood of decline extension.

Conclusions:

Decline to 1939.69.

Trading recommendations:

Shorts to 1939.69.

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