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XAUUSD market technical outlook

Daily chart:

Bullish pinbar wasn’t formed at the tip of downswing despite all the buyers’ efforts - yesterday’s session got bearish close. Thus we need to treat growth of the rate as just a correction and its target probably will be the area of penultimate high (1898.73-1906.49), where we have a potential offer zone according to Over&Under pattern.

H1-chart:

Local consolidation was broken to the upside with settling of the price above resistance 1855.15-1856.76. This also speaks for the scenario of gold’s rate growth in direction 1880.00-1881.00 and 1894.00-1895.00.

Conclusions:

Main scenario: Growth in direction 1880.00-1881.00 and 1894.00-1895.00.

Alternative scenario: Another slump of the quotes in direction 1810.00-1815.00.

Trading recommendations:

  1. Longs to 1880.00-1881.00 and 1894.00-1895.00.

  2. Seeking probable local sell signals at 1880.00-1881.00 and 1894.00-1895.00.

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