Gold was unable to overcome stiff barrier at 1480.70-1483.73 having triggered forming of bearish pinbar at the tip of upswing. Thus we can expect development of corrective downswing in direction of the pivot-level 1458.63.
Reversal bearish pattern Over&Under was formed within local structure, which recommends to go short from the area of penultimate high (1481.37). Thus we can expect a pullback to this area (watch orange arrow) before drop of the quotes.
At the same time gold is declining right now and this swing may reach PPZ 1464.62-1466.12.
Main scenario: Decline to 1464.62-1466.12.
Alternative scenario: Upward reversal and growth in direction 1481.37, from where we might expect an intensive decline again.
Shorts to 1464.62-1466.12.
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