Gold dropped substantially again, but today there are big odds for the forming of a bullish pinbar at the tip of downswing. It’s too soon to claim that, but if the day closes this way, traders will get an important buy signal from Monday.
Local bullish that is being formed will face strong resistances at 1778.60-1779.12 and 1785.12 (red and black trajectory). We can expect a new decline from each of these zones to support 1769.30 that will fully match a scenario of the daily pin forming.
Main scenario: Growth to 1778.60-1779.12 followed by decline to 1769.30 and new upward reversal.
Alternative scenario: Growth to resistance 1785.72 followed by a downward reversal.
Longs from 1769.30 to 1778.60-1779.12 and 1769.30.
Seeking probable sell signals at 1778.60-1779.12 and 1769.30.
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