Development of downswing of gold is in progress. Within easy reach there is the important psychological barrier of $1700 for a troy ounce. Given the big amplitude of decline, chances are for a corrective reversal that will be sponsored by the bears’ wish to lock in good profit for the first two months of 2021.
Within the local bearish structure a development of corrective upswing is in progress, which can get a cut at 1744.73. This level is the most attractive one for the sellers. Critical height of pullback is the latest local high 1759.47: growth above this level might break the whole mid-term construction of the market.
Main scenario: Upward pullback to 1744.73 followed by decline to 1700.00.
Alternative scenario: Decline to 1700.00 and then a switch to upward correction in direction 1744.73.
Longs to 1744.73.
Shorts from 1744.73 to 1700.00.
Pending longs from 1700.00.
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