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XAUUSD market technical outlook

Daily chart: 

A reversal bullish bar was performed at the tip of downswing yesterday. It's not a direct long-setup, therefore chances for further decline remain in place. But it can quite let gold correct in direction of the PPZ 1902.42-1906.74.

H1-chart:

Local structure consolidates in the range of recent swing 1878.92-1897.64. Upswing wasn’t completed so far, therefore a prevailing scenario is growth of the quotes in direction of the upper boundary (1897.64) and the psychological level 1900.00.

Conclusions:

Main scenario: Growth in direction 1897.64-1900.00, then decline in direction 1878.92.

Alternative scenario: Flat with low volatility inside the 1878.92-1897.64 range.

Trading recommendations:

  1. Longs to 1897.64-1900.00.

  2. Shorts from 1897.64-1900.00.

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