Upswing of gold is settling above the pivot-zone 1818.32-1831.06 that opens room in front of the buyers for further growth of the rate up to 1857.06-1875.00. It will be defined here whether the market will extend mid-term downtrend or the asset will fully switch to recovery tendency.
Local upward structure so far doesn’t have a complete corrective downward movement, therefore the main growth of the rate might extend from current levels (black arrow) as well as after testing of the closest broken high (1828.62-1829.50 region, blue trajectory).
Main scenario: Extension of growth in direction 1857.06-1875.00.
Alternative scenario: Downward pullback to 1828.62-1829.50 followed by a steep upward reversal and extension of growth in direction 1850.00-1857.06.
Longs to 1857.06, 1860.00, 1870.00, 1875.00. Optimum entry zone is 1828.62-1829.50.
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