Gold prices consolidate between two wide zones of support 1818.32-1831.06 and resistance 1857.06-1874.77. Both boundaries of the range were tested within a short while and probably this tendency will remain in place. The structure so far doesn’t have a completed bullish swing, therefore upward movement is in priority today.
We need to note that the local structure has kept the tone of a bull trend without allowing the loss of a single support: the buyers guarded every previous low, though some attacks of the bears were bone-rattling. At this moment we have a new slight renewal of the local high that will facilitate growth of the rate in direction of the closest resistance zone 1850.35-1852.76 (black arrow).
Also we won’t rule out an option when the market will test 1833.81-1834.77 again and only after that will depart to the upside to 1850.35-1852.76 (red trajectory).
Main scenario: Growth to 1850.35-1852.76 followed by a decline to 1845.12-1845.00.
Alternative scenario: Downward pullback to 1833.81-1834.77 followed by growth in direction 1850.35-1852.76.
Longs to 1850.35-1852.76.
Shorts from 1850.35-1852.76 to 1845.00.
Pending longs from 1833.81-1834.77 (in case an alternative scenario pans out).
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