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XAUUSD market technical outlook

Daily chart:

Gold showed more reaction than other assets to the news on the presidential election having broken a bunch of important resistances. Growth was capped by the 1950.00 level, however there are premises for further movement of the asset in direction 1973.23.

Buyers might be active at PPZ 1931.20-1933.00 and 1918.58-1921.00.

H1-chart:

Upward structure doesn't cast any doubts so far. Further growth looks predetermined and there are questions only about the depth of correction and surprises from NFP.

Corrective downswing is completed, therefore bulls can regain control at current levels (blue arrow).

If support 1915.28 gets broken, the quotes might temporarily fall to PPZ 1911.86-1913.13 and after that growth would probably resume (black trajectory).

 

Conclusions:

Main scenario: Growth to 1973.23 from current levels.

Alternative scenario: Decline to 1911.86-1913.13, then growth to 1973.23.

Trading recommendations:

Longs from 1915.28 and 1911.86-1913.13.

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