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XAUUSD market technical outlook

Daily chart:

The structure didn’t get a bullish swing so far, therefore the scenario of extension of gold rate recovery is very likely. This swing might be cut at resistance zones 1875.00 and 1898.73-1906.49. The latter zone is the most promising for shorts as here we have an offer zone according to O&U pattern.

H1-chart:

Local structure doesn’t have a corrective downswing so far. Plus a new high wasn’t printed yet. Given the absence of completed swing on the daily chart, there are big odds for growth extension.

We can consider deepening the correction to 1851.73 as an alternative scenario (blue trajectory). 

Conclusions:

Main scenario: Extension of growth in direction 1875.00 and 1898.73-1906.49.

Alternative scenario: Decline to 1851.37, then sharp upward reversal in direction 1875.00.

Trading recommendations:

Longs in direction 1875.00 and 1898.73-1906.49.

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