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XAUUSD market technical outlook

Daily chart:

Quite confident bullish pinbar at the tip of downswing was formed right from the support zone 1810.07-1818.32. Yes, it was performed amid the absence of the american money on the market, therefore its predictable value should be discounted. However bearish swing has quite a big amplitude, therefore upward correction looks quite logical.

Targets of the bulls might be resistance levels 1857.06, 1874.96, 1906.39.


As we see the local structure keeps trending down, therefore the bulls need to prevent the break of the latest low (1810.07 zone) in order to pretend on a full-fledged upward reversal. Key support zone for this scenario is PPZ 1830.00-1831.00, where we have 50% size of the daily pin.


Main scenario: Pullback to 1830.00-1831.00 followed by an impulsive growth to 1857.27 and 1863.22 (targets on H1, see the chart’s layout).

Alternative scenario: Break of support 1830.00 and decline to 1810.07.

Trading recommendations:

  1. Longs from 1830.00-1831.00 to 1857.27 and 1863.22.

  2. Shorts to 1810.07 (only in case of settling below 1830.00).

Latest news

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