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XAUUSD market technical outlook

Daily chart:

Upward correction of gold kicked off that was predictable. Market recovered to the accumulation zone 1800.00-1811.50, but so far didn’t form a full-fledged swing. This allows traders reckoning on extension of growth in direction 1850.00, where the latest broken low resides and a significant pivot respectively.

Also we can’t rule out a scenario when the price switches to a flat in the 1800.00-1811.50 range (black arrow).

H1-chart:

A very long bullish swing was formed within the local structure that of course will facilitate the forming of corrective downward movement. Though such movement might be low-sloped

Conclusions:

Main scenario: Flat in the 1804.11-1816.98 range.

Alternative scenario: Extension of growth in direction 1850.00.

Trading recommendations:

  1. Intraday trades in the 1804.11-1816.98 range.

  2. Mid-term longs from 1804.11 to 1850.00.

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