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XAUUSD market technical outlook

Daily chart:

Yesterday the bulls managed to break the resistance zone 1850.27-1860.00 and settle above it. Thus buyers got room for an attempt to raise the price of gold up to the psychological mark 1900.00. Resistance area 1894.47-1898.73 will interfere with this attempt.

H1-chart:

Local upward structure undergoes corrective phase. In order to keep the bullish tone of the market buyers will have to guard support in the area of the closest low (1857.75, black trajectory). Otherwise the quotes might again slide in direction 1842.15-1847.78 (red arrow).

Conclusions:

Main scenario: Decline to 1857.75-1860.00, then extension of growth in direction 1875.00, 1880.00 with aim at 1900.00 (in medium term).

Alternative scenario: In case support 1857.75 gets broken, we expect a decline in direction 1842.15-1847.78.

Trading recommendations:

  1. Longs from 1857.75-1860.00 to 1875.00, 1880.00, 1885.00, 1890.00.

  2. Shorts, reckoning on break of 1857.75, to 1842.15-1847.78.

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