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XAUUSD market technical outlook

Daily chart:

Gold market keeping to renew local lows decreases the number of those who are willing to buy as well as the real buyers. As a rule such maneuvers end up with upward movement after all. Moreover, as we see, a bullish pinbar might be formed at the tip of downswing. Probable targets of growth might be 1857.06 and 1874.96. 


Local structure has an explicit downward tone and on top of that it completed another upward correction. Given the testing of the strong PPZ 1837.28-1839.38 there are big odds for another drop to the new low (below 1810.07).


Main scenario: Downward reversal from 1837.28-1839.38 to 1810.00 and 1800.00.

Alternative scenario: In case of settling above 1837.28-1839.38, the rate might grow to 1857.06.

Trading recommendations:

Shorts from 1837.28-1839.38 to 1810.00 and 1800.00.


Latest news

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2021-02-01 11:29:44

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