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XAUUSD market technical outlook

Daily chart:

The bulls confidently broke the key resistance zone 1752.00-1760.43 that provided them with potential for further growth to the psychological level 1800.00 and resistance 1816.30 (red arrow).

Given the ongoing testing of the resistance 1783.44-1784.68, there is also a probability of corrective downward pullback for retesting the broken zone 1752.00-1760.43 (black trajectory).

H1-chart:

Local bullish trend undergoes a trending stage, however the structure doesn’t have an intermediate downswing. Therefore despite the absence of any signals for correction start, we can’t rule out a probability of pullback to the PPZ 1769.27-1770.00 (black arrow). But such a correction anyway doesn't look like a trading opportunity. 

Conclusions:

Main scenario: Extension of growth to 1800.00 with aim at further growth to 1816.30. 

Alternative scenario: Pullback to 1769.27-1770.00 followed by growth to 1800.00.

Trading recommendations:

Longs to 1800.00 and 1816.30.

 

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