Gold market undergoes a stage of correction before New Year holidays, when some investors prefer to lock in profit (or a part of it). The price is bracketed between strong zones of support (1850.27-1857.06) and resistance (1894.47-1898.73). The asset will probably stay in this range for a while gaining fuel for extension of growth.
Local structure had a good bullish momentum, but after the weekend it got an impulsive downward correction. Two strong supports in a row were tested: 1881.09-1883.96 and 1877.44-1878.09, which showed the presence of those who are willing to buy at these prices. Nevertheless corrective swing so far isn’t completed. Trading tactic here is seeking a local long signal during the second test of one of the mentioned supports (black trajectory). The closest target is the area of recent high (1899.93-1906.36 zone).
Main scenario: Pullback to 1881.09-1883.96, then upward reversal in direction 1899.93-1906.36.
Alternative scenario: Deeper downward pullback to 1877.44-1878.09 followed by upward move of the price in direction 1900.00-1906.36.
Longs from 1881.09-1883.96 and 1877.44-1878.09 to 1900.00-1906.36.
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