Gold market structure has explicit signs of contracting consolidation: we see recent lower highs and higher lows. It’s not a clear flat when market has no direction, but it more resembles accumulation of volumes before probable impulse distribution.
Trading range is limited by two last local extremums: 1490.32-1516.23.
Right now strong local pivot 1502.62 is being tested, which can reject the quotes to the 1496.88 level during today’s session. Market doesn’t have steady upward structure so far, but might get it if bulls manage to overcome the 1502.62 barrier, that probably would drive to recovery of the asset towards 1510.00-1516.23.
Main scenario: Upward break to the 1510.00-1516.23 area.
Alternative scenario: Downward pullback from 1502.62 to 1496.88, after that growth towards 1516.23 will be resumed.
Longs in direction 1516.23.
Shorts from 1516.23.
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