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XAUUSD market technical outlook

Daily chart:

Gold has kept a tendency for recovery in the course of mid-term correction. The closest target of pullback is the pivot-level 1760.43, where the latest broken structure’s low resides. Subsequently, a big pending sell volume might be concentrated here that could cause a switch to a new downswing. 

H1-chart:

Bullish local trend has a steady structure which lacks corrective downswing so far. There are no direct signals for kickstarting this swing so far, therefore we can’t rule out an extension of growth from current levels (red arrow). But we need to keep in mind a probability of prior pullback to 1719.70-1722.72 (black scenario).

Conclusions:

Main scenario: Extension of growth in direction 1760.43.

Alternative scenario: Downward pullback to 1719.70-1722.72 followed by resumption of growth in direction 1760.43.

Trading recommendations:

Longs in direction 1760.43 (optimum entry zone is 1719.70-1722.72).

 

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