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XAUUSD market technical outlook

Daily chart:

Decline of gold goes quite actively amid strengthening of the american dollar against the euro and pound. We expect a reaction on two strong support zones adjacent to the current price: 1816.79-1818.33 and 1810.07. Should the buyers be active here, the asset might switch to recovery in direction 1857.07 (red arrow).

Otherwise we’ll see a testing of the important psychological level of $1800 for a troy ounce (black arrow).

H1-chart:

Within the local structure a confident downtrend is developing. So far there is no a single reason for longing. Whereas going short would be better after a correction (e.g. to the PPZ 1829.50, red trajectory).

Conclusions:

Main scenario: Decline to 1810.07 and 1800.00.

Alternative scenario: Upward pullback to 1829.50 followed by decline to 1800.00.

Trading recommendations:

Shorts to 1810.07 and 1800.00. Optimum entry point is 1829.50.

 

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