Gold approaches to stiff resistance zone 1516.73-1519.17, from where it’s highly likely to get a new downswing in direction 1500.00 and 1480.70-1483.11 (watch the black trajectory).
In case of break of resistance 1519.17, we might expect continuation of growth to the 1535.22 region (watch the blue arrow).
Local upward structure retains potential for growth, therefore testing of 1516.73-1519.17 zone is a very likely event.
Main scenario: Growth to the 1516.73-1519.17 zone and then downward reversal in direction 1500.00.
Alternative scenario: Break above 1516.73-1519.17 will lead to further growth towards 1535.22.
Longs towards 1516.73-1519.17.
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