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XAUUSD market technical outlook

Daily chart:

Upswing weakened tangibly at the resistance zone 1855.12-1857.06 that so far is driving to forming a probable inside bar. In case the session closes that way, traders will get a sell signal for tomorrow in direction 1810.07.

H1-chart:

Local structure is bracketed between strong zones of support (1833.96-1834.56) and resistance (1845.91-1846.71). It looks like today we’ll observe a consolidation between these zones that coincides with potential inside-bar forming on the daily chart. 

Conclusions:

Main scenario: Growth to 1845.91-1846.71 followed by decline in direction 1833.96-1834.56.

Alternative scenario: Drop to 1810.07.

Trading recommendations:

  1. Longs to 1845.91-1846.71.

  2. Shorts to 1845.91-1846.71 to 1833.96-1834.56.

Latest news

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2021-02-11 15:07:39

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2021-02-01 11:29:44

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