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XAU/USD: 1583.25 – 1602.45 {Bearish Bias}



XAU/USD currently is moving in consolidation mode. Hourly stohcastic and CCI are overbought. Our preference is to look for bearish pattern confirmation at the range 1583.25 – 1602.45 to go SHORT. Use care as there is a potential for a double bottom pattern on the hourly chart.