Gold managed to stay above the psychological level 1700.00 having got on top of that a bullish pinbar at the tip of downswing. Such a formation performed in such an important place is at least a sign of potential full-fledged upward correction in direction 1760.43 and 1784.68.
Within the local structure we got the first signs of upward reversal of the trend. In particular the local low was raised (by more than $10) and afterwards a high at 1735.90 was broken. At this moment the asset is forming a corrective downswing, which supposedly will be cut at support zone 1717.00-1720.00. Thus today we consider long trades from this zone.
Main scenario: Downward pullback to 1717.00-1720 followed by growth in direction 1760.43.
Alternative scenario: Growth from current levels in direction 1760.43 and 1784.68.
Longs from 1717.00-1720.00 to 1760.43 (and 1784.68 in medium term).
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