The structure of gold still looks unsteady (from the upward correction point of view) - pullback swing is fully completed, therefore a switch to a new trending downward movement may take place at any moment. The bulls showed some enthusiasm yesterday and this morning, therefore we just can note strong levels where a new slump of the rate may take place. These are 1739.65 (black arrow), 1760.43 and 1784.68 (red arrows). We have such a spread due to the fact that direct short-trigger wasn’t formed at the tip of the upswing yet.
As we see local structure can quite get stuck in the very stiff and sticky resistance zone 1733.75-1739.48. This zone is in place on the daily chart as well, therefore a downward reversal is highly likely here. Intraday support area in this case will be provided by the 1721.91-1722.00 zone.
Main scenario: Decline from 1733.75-1739.48 to 1721.91-1722.00 and perhaps to 1700.00.
Alternative scenario: Break above 1739.48 will drive to growth of the rate in direction 1760.43.
Shorts from 1733.75-1739.48 to 1721.91-1722.00 and 1700.00.
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