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XAUUSD market technical outlook

Daily chart:

Corrective upswing of gold wasn’t completed yet, therefore recovery of the quotes most likely will continue in direction of the closest pivot-zone 1894.47-1906.74. It would be interesting to see market’s reaction to the psychological level 1900.00 in order to assess further prospects of buyers.

H1-chart:

Local structure has entirely turned into an uptrend and at the time of writing it undergoes another trending growth of the quotes. Thus we expect renewal of the highs and growth in direction 1894.47-1906.74.

Conclusions:

Main scenario: Growth in direction 1894.47-1906.74.

Alternative scenario: Testing of the 1900.00 mark with sharp downward bounce.

Trading recommendations:

  1. Longs to 1894.47-1906.74.

  2. Seeking probable sell signals at 1894.47-1906.74.

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