Structure of gold continues to form a base for potential upswing. It’s obvious that the bears are unable to pass the support zone 1718.89-1721.04. Nonetheless the market didn’t get any direct long-trigger so far.
Mid-term trend has a chaotic structure with alternate shifts of lows and highs (one of the basic signs of a flat). At the same time downswing is fully completed having a pinbar at its tip that gives positioning advantage to the buyers, who can again attack in direction of the local high 1736.38 (black arrow). But during the flat we can’t rule out a second testing of the support zone 1721.49-1722.88 (red trajectory).
Main scenario: Growth from 1724.75-1726.09 to 1736.38.
Alternative scenario: Decline to 1721.49-1722.88 and upward reversal in direction 1730.00 afterwards.
Longs from 1724.75-1726.09 and 1721.49-1722.88 to 1730.00 and 1736.38.
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