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XAUUSD market technical outlook

Daily chart:

Bullish inside bar, which was formed the day before yesterday, not only didn’t trigger any upward movement, but even didn’t get local renewal of the highs. Such weakness of bulls might signify a tangible sellers’ force superiority on the market. Thus the quotes can drop to the area of the latest low at 1848.48-1850.00.

H1-chart:

Local downward structure has completed a forming of corrective upswing, which got a bearish pinbar at its tip this morning - a solid signal of decline extension. We expect decline of the quotes from current levels in direction of the closest structure’s low (1856.14) and then to 1848.48-1850.00.

Conclusions:

Main scenario: Decline to 1848.48-1850.00.

Alternative scenario: In case of inability to go below 1856.14, the price might correct in direction 1870.00-1872.24.

Trading recommendations:

Shorts to 1848.48-1850.00.

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