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XAUUSD market technical outlook

Daily chart: 

Bearish pinbar was formed at the tip of corrective upswing yesterday - a sign of the rate growth ending and downward reversal. Thus we can expect a start of new trending bearish swing development in direction of the latest structure’s low (1676.56).

H1-chart:

Within the local structure uptrend remains in place so far, which will stay viable until support in the area of the closest local low (1707.89) is unbroken. Break of this level may lead to a slump of the quotes in direction 1687.10 (red arrow).

This scenario might take a different shape via one pullback to the resistance zone 1715.84-1719.70 with the following strong sell-offs (black trajectory).

Conclusions:

Main scenario: Drop to 1687.10.

Alternative scenario: Touch of 1707.89 followed by growth to 1715.84-1719.70 and then a new downward reversal and decline under the psychological level 1700.00.

Trading recommendations:

Shorts to 1687.10 (optimal entry zone is 1715.84-1719.70).

 

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