Gold market structure probably will also require a full-fledged corrective bearish swing, which so far wasn’t formed. If price settles below the PPZ 1850.27-1857.06, there will be big odds for decline of the asset to support zone 1810.17-1818.32, where the key mid-term demand zone resides.
Local downward structure so far doesn’t have signs of stopping or upward reversal, therefore chances are for extension of decline in direction of the closest low at 1837.10. Prior to that a slight consolidation may take place in the 1851.04-1859.73 range, which can be leveraged by the bears for sell-offs.
Main scenario: Decline to 1837.10.
Alternative scenario: Consolidation in the 1851.04-1859.73 range.
Shorts to 1837.10
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