Gold tumbled way deeper than it was anticipated. But now we see quite sharp upward bounce, which pierced three strong levels in a row. Thus if we get stabilizing above the pivot-zone 1588.42-15.9352, further development of upswing in direction 1625.00-1630.00 will be highly likely.
Local structure so far keeps the tone of a perfect downtrend. Besides that, corrective upswing is fully completed. Thus the most likely scenario after all is a start of new movement to the downside with an attempt of breaking the last low (1551.36, black arrow).
We might consider upward reversal only in case the bulls will prevent renewal of the low (red trajectory).
Main scenario: Decline of the quotes in direction 1550.00 and 1540.00.
Alternative scenario: Upward reversal from 1560.00-1563.00 with attempt of settling above the psychological level 1600.00.
Shorts to 1550.00 and 1540.00.
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