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XAUUSD market technical outlook

Daily chart:

Bullish pinbar was formed at the tip of downswing yesterday that can be treated as a signal for upward correction. If this scenario gets confirmation, gold would recover to 1902.42-1910.88.

H1-chart:

Local structure consolidates in the range of recent swing (1861.52-1873.15). This accumulation might get broken and it will define the direction of the market for the nearest term. Upward target is 1900.00-1902.42, downward target is 1848.33.

Conclusions:

Main scenario: Break of resistance 1873.15 and growth in direction 1900.00-1902.42.

Alternative scenario: Break of support 1861.52 and further decline to 1848.33.

Trading recommendations:

Trading expecting the break of the 1861.52-1873.15 range to the targets of a corresponding scenario.

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