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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.

H1-chart:

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.

Conclusions:

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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