Gold has formed another upswing and for extension of mid-term uptrend it’s critically important for bulls to break the recent high (1788.73). In this case a probability of testing the psychological level 1800.00 will reach its peak.
Local upward structure undergoes the stage of downward correction completion. In case bullish trend retains its credit, we’ll see a steep increase of buyer’s activity at 1779.00-1780.00, where the recent broken high resides (black trajectory).
In case of break of 1779.00-1780.00 gold quotes will slide to 1770.00 (blue arrow).
Main scenario: Decline to 1779.00-1780.00 and then upward momentum in attempt to break 1788.73.
Alternative scenario: Break of 1779.00 and decline to 1770.00.
Longs from 1779.00-1780.00 with holding positions to 1790.00 and 1800.00.
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