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XAUUSD market technical outlook

Daily chart:

Gold proceeds in a very confident downtrend, but here, in sync with the GBPUSD pair, a bullish inside bar is being formed at the tip of downswing that might drive at least to a strong upward correction in direction 1784.64 and 1810.17. 

H1-chart:

Local corrective upswing is fully completed that might interfere with further process of the rate recovery. Yes, so far the structure doesn’t have a direct sell signal, but we should be prepared for the sellers to perform a new attack in direction of the latest low (1716.95, blue arrow) at any moment. Otherwise the bulls will get an opportunity for advancing in direction 1783.24.

Conclusions:

Main scenario: Growth in direction 1783.24.

Alternative scenario: Extension of decline in direction 1716.95.

Trading recommendations:

Seeking additional local signals confirming any of the two scenarios.

 

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