As we supposed yesterday support area 1562.29-1576.71 managed to hold gold triggering today a development of new upswing. Potentially this swing is quite able to reach resistance level 1643.31 at the last local high.
Consolidation of the market can be well seen in the local structure - we are getting consecutive lower highs and higher lows. Thus key resistance is the psychological level 1600.00: in case it’s broken, it will reverse the trend and direct the asset to 1612.73 (blue arrow).
While formally a break of 1600.00 hasn’t taken place, downward reversal in direction 1571.71 is still possible.
Main scenario: Growth above 1600.00 to 1612.73.
Alternative scenario: Downward reversal from 1600.00 in direction 1571.71.
Longs to 1612.73.
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