Bearish pinbar was received yesterday at the tip of upswing. Such formation is not a trading setup, however it can quite attest weakness of buyers. We’ll scarcely see a strong drop of gold, but amid probable pre-New Year cashing out the quotes might slide to the closest support zone 1850.27-1857.06.
Local structure so far has a visible contraction of the trading range both from upside and downside, which is a sign of consolidation. Well, if bears manage to keep temporary control over the market, they’ll most likely prevent the break of the local high 1881.85-1883.00 (black arrow). Otherwise gold might again recover to 1896.00 for a short term (red scenario on the chart).
Main scenario: Decline in direction 1850.27-1857.06.
Alternative scenario: Flat in the 1872.00-1883.00 range.
Shorts in direction 1850.27-1857.06.
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