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XAUUSD market technical outlook

Daily chart:

Development of downward correction was extended. Given the renewal of the local low of current corrective swing, we can suppose that pullback of the quotes will reach the pivot-zone 1750.00-1758.00.

H1-chart:

Local downtrend undergoes trending stage. As we type this report, the price has renewed the structure’s low at 1766.17 already that keeps almost equal odds for either a scenario of decline extension (black arrow) or a switch to pullback to the PPZ 1775.67-1777.17, after which gold will face sell-offs again (red trajectory).

Conclusions:

Main scenario: Extension of decline in direction 1750.00-1758.00.

Alternative scenario: Upward pullback to 1775.67-1777.17 and after that decline will resume.

Trading recommendations:

  1. Shorts to 1785.00, 1750.00.

  2. Seeking probable buy signals at 1750.00-1758.00.

  3. Pending shorts from 1775.67-1777.17 (in case a pullback kicks off).

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