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XAUUSD market technical outlook

 Daily chart:

Gold dropped substantially again, but today there are big odds for the forming of a bullish pinbar at the tip of downswing. It’s too soon to claim that, but if the day closes this way, traders will get an important buy signal from Monday.

H1-chart:

Local bullish that is being formed will face strong resistances at 1778.60-1779.12 and 1785.12 (red and black trajectory). We can expect a new decline from each of these zones to support 1769.30 that will fully match a scenario of the daily pin forming.

Conclusions:

Main scenario: Growth to 1778.60-1779.12 followed by decline to 1769.30 and new upward reversal.

Alternative scenario: Growth to resistance 1785.72 followed by a downward reversal.

Trading recommendations:

  1. Longs from 1769.30 to 1778.60-1779.12 and 1769.30.

  2. Seeking probable sell signals at 1778.60-1779.12 and 1769.30.

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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