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XAUUSD market technical outlook

Daily chart: 

We note a tangible increase of trading intensity. As we see, the market retains bearish momentum and may slide below the psychological mark of $1700 an ounce as early as today. In case this scenario pans out, we would expect an extension of downswing in direction of the latest structure’s low (1676.56).  

H1-chart:

Local trend is also bearish one, besides that gold undergoes the trending distribution stage. Well, it's the reaction on 1700.00-1703.00 that will have the key meaning today as this zone keeps some chances for an upward reversal.

Conclusions:

Main scenario: Break of the support zone 1700.00 and decline to 1690.00, 1685.00 with aim at 1676.56.

Alternative scenario: Upward bounce off 1700.00-1703.00 and recovery to 1715.00-1720.00.

Trading recommendations:

  1. Below 1700.00 - shorts to 1690.00, 1685.00, 1680.00.

  2. In case an alternative scenario gets confirmation - longs to 1715.00-1720.00.

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