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XAUUSD market technical outlook

Daily chart:

As we see, resistance at 1784.68-1789.49 proved impassable for the bulls that became a reason for closing yesterday’s session by a bearish reverse bar.

Thus, we can talk of a start of corrective downswing. Its minimum target appears the 1751.50-1755.34 territory (black trajectory).

 In case this zone won’t provide support to the market, correction might be substantially deepened (red scenario on the chart).

H1-chart:

Local trend of the gold market so far keeps an upward structure, but remains in the stage of corrective swing building. Support zone 1765.15-1769.27 looks very strong, but according to conclusions drawn on the daily chart it’s unlikely that the asset could recover higher than to the local cluster zone 1779.12-1783.00 (black arrow).

Extension of downward correction from current levels in direction 1749.00 might be an alternative scenario (red arrow).

Conclusions:

Main scenario: Upward pullback from 1765.15-1769.27 to 1779.12-1783.00 and after that decline will resume.

Alternative scenario: Extension of decline from current levels in direction 1749.00.

Trading recommendations:

Pending shorts from 1779.12-1783.00 to 1749.00.

 

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