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XAUUSD market technical outlook

Daily chart:

The buyers managed to form a massive bullish engulfment yesterday, which is an apparent signal of further growth. The fact that upswing is technically fully completed giving the bears a right to play white might be an issue.

Nevertheless the most likely scenario today will be growth of the quotes from 1697.00-1700.00 in direction 1760.43 (medium term target).

H1-chart:

Within the local structure an upward reversal was performed via bullish pattern Over&Under. Recommended entry zone to this pattern is the area of penultimate low. In our case it’s 1687.00-1688.00. Thus we need to take into account a probability of such a deep correction before the market will really reverse to the upside (black trajectory). But we won’t rule out a pick of gold by the buyers from the psychological level 1700.00 (red scenario).

Conclusions:

Main scenario: Decline to 1700.00-1701.00 followed by growth in direction 1719.97-1722.72 with aim at movement in direction 1760.43.

Alternative scenario: Deeper downward correction to 1687.00-1688.00 with the following steep upward reversal.

Trading recommendations:

Longs from 1700.00-1701.00 and 1687.00-1688.00 with targets at 1719.97-1722.72 and 1760.43.

 

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