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XAUUSD market technical outlook

Daily chart:

Downswing shows apparent signs of bearish pressure easing though it doesn’t have a full-fledged reversal signal at its tip. Amplitude of decline exceeds the size of earlier formed trending downswing that may suggest a necessity of correction in direction 1809.00-1816.00.

H1-chart:

Local structure so far keeps a bearish tone forming a bearish inside bar at the tip of corrective upswing. Thus a key resistance zone today is PPZ 1788.01-1789.79: while the price resides below this area, a probability of a new drop in direction 1764.20 will remain in place (blue arrow). In case of bulls’ breakout above it, a reversal pattern O&U will be formed that would confirm a start of upward correction on the daily chart (black arrow). 

Conclusions:

Main scenario: New decline in direction 1764.20.

Alternative scenario: Growth above 1788.01-1789.79 in direction 1800.00.

Trading recommendations:

  1. Below 1788.01-1789.79 - shorts to 1764.20.

  2. Above 1788.01-1789.79 - longs to 1800.00, 1808.00, 1816.00.

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