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XAUUSD market technical outlook

Daily chart:

The structure of the gold market so far lacks a full-fledged downswing that will facilitate the forming of downward correction in direction of support zone 1850.27-1857.06. Potentially strong offer zone is 1894.47-1890.73.

H1-chart: Local market has a flat tone and at this moment remains inside the range formed by resistance at 1885.81-1886.12 and support 1871.44-1872.00. It’s highly likely that gold will remain in thes channel during the whole today’s session. But don’t forget about the “thin” market when big players are leaving for the holidays.

Conclusions:

Main scenario: Flat in the 1871.44-1886.12 range. Alternative scenario: Growth to 1894.47-1898.73 followed by a downward reversal.

Trading recommendations: Seeking local signals at the borders of the 1871.44-1886.12 channel

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