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XAUUSD market technical outlook

Daily chart:

Corrective upswing has slightly renewed the high, however got a pinbar at its tip afterwards. This pinbar isn’t a flawless short-setup (i.e. another forming of the high is still likely, red trajectory), however it quite reflects the buyers’ weakness. Thus a segue of the market to a downward trending stage may take place (black arrow).

H1-chart:

Local trend has signs of a bullish structure (in particular, higher low and renewal of the high). However the tone of this structure is unsteady so far, therefore in case a key support in the area of the closest low (1721.91) gets broken, we would expect a slump of the quotes to 1707.70 first and then to 1699.00-1700.00.

Conclusions:

Main scenario: Decline to 1707.70 and 1700.00.

Alternative scenario: In case of an upward bounce off 1721.91, gold may extend recovery to 1750.00, 1755.00, 1760.00.

Trading recommendations:

  1. Shorts to 1707.70 and 1700.00.

  2. Longs from 1721.91 (in case of getting additional buy signals here on H1-H4 charts).

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