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XAUUSD market technical outlook

Daily chart:

Downswing is completed and getting ready to test the support zone 1718.89-1724.45, which can meet the asset with a tangible increase of demand. Reaction on this zone will define the prospects of gold for the rest of the week (red and black arrows).

H1-chart:

Local trend has purely bearish structure, therefore the positional advantage will be on the sellers’ side. Thus, a break of 1718.89-1724.45 is highly likely. In this case there will also be high risks of the rate drop to the psychological level 1700.00.

Conclusions:

Main scenario: Attack of support 1718.8901724.45 and further decline to 1700.00.

Alternative scenario: Testing of 1718.89-1724.45 with the following upward reversal.

Trading recommendations:

  1. Shorts to 1700.00.

  2. Seeking probable buy signals at 1718.89-1724.45.

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