Corrective upswing has slightly renewed the high, however got a pinbar at its tip afterwards. This pinbar isn’t a flawless short-setup (i.e. another forming of the high is still likely, red trajectory), however it quite reflects the buyers’ weakness. Thus a segue of the market to a downward trending stage may take place (black arrow).
Local trend has signs of a bullish structure (in particular, higher low and renewal of the high). However the tone of this structure is unsteady so far, therefore in case a key support in the area of the closest low (1721.91) gets broken, we would expect a slump of the quotes to 1707.70 first and then to 1699.00-1700.00.
Main scenario: Decline to 1707.70 and 1700.00.
Alternative scenario: In case of an upward bounce off 1721.91, gold may extend recovery to 1750.00, 1755.00, 1760.00.
Shorts to 1707.70 and 1700.00.
Longs from 1721.91 (in case of getting additional buy signals here on H1-H4 charts).
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