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XAUUSD market technical outlook

Daily chart:

As it was supposed, a downswing kicked off that was triggered by testing of the psychological level 1800.00. It will take at least two days to fully form this swing, therefore the main expectation on gold is decline of the rate in direction 1752.70-1755.34.

H1-chart:

Local structure of gold so far is bracketed between the strong zones of support (1777.00-1777.52) and resistance (1788.13-1789.34). It’s quite possible that trading in this range will continue (black trajectory). We can consider further drop of the quotes after support 1777.00-1777.52 will get broken that will drive to working off the target at 1763.36 (red arrow). 

 

Conclusions:

Main scenario: Decline to 1763.26.

Alternative scenario: Flat in the 1777.00-1789.34 range.

Trading recommendations:

Shorts to 1763.26.

 

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