Bullish swing so far doesn’t have signs of the buyers’ exhaustion, therefore we can expect an extension of gold recovery in direction of the strong mid-term resistance zone 1751.00-1760.43. Let’s note that hitting this target will still retain overall downtrend, therefore we can face a big volume of pending sell orders here.
Uptrend so far keeps a proper bullish structure, but undergoes a corrective phase after testing the resistance zone 1736.46-1739.32. Key support zone now is the closest structure’s low (1719.53-1720.92), which the bulls will have to guard (black trajectory).
Thus, we would consider a downward reversal in case the 1719.53-1720.92 zone proves broken (red arrow). Demand zone 1705.58-1709.98 will be the bears’ target.
Main scenario: Decline to 1719.53-1720.92 followed by growth extension in direction 1751.00-1760.00.
Alternative scenario: Break of 1719.53-1720.92 and further decline to 1705.58-1709.98.
Seeking local buy signals at 1719.53-1720.92.
In case 1719.53-1720.92 gets broken - shorts to 1710.00, 1705.58.
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