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XAUUSD market technical outlook

Daily chart:

Gold managed to stay above the psychological level 1700.00 having got on top of that a bullish pinbar at the tip of downswing. Such a formation performed in such an important place is at least a sign of potential full-fledged upward correction in direction 1760.43 and 1784.68.

H1-chart:

Within the local structure we got the first signs of upward reversal of the trend. In particular the local low was raised (by more than $10) and afterwards a high at 1735.90 was broken. At this moment the asset is forming a corrective downswing, which supposedly will be cut at support zone 1717.00-1720.00. Thus today we consider long trades from this zone.

Conclusions:

Main scenario: Downward pullback to 1717.00-1720 followed by growth in direction 1760.43.

Alternative scenario: Growth from current levels in direction 1760.43 and 1784.68.

Trading recommendations:

Longs from 1717.00-1720.00 to 1760.43 (and 1784.68 in medium term).

 

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