Bullish swing quite predictably has tested the resistance zone 1750.00-1760.43. At the same time the buyers have hit their primary target - renewal of the structure’s local low that signifies an upward reversal of the trend.
First part of today’s session goes within the range of yesterday’s session (Inside bar), which is a potential signal for kickstarting correction. Such a scenario is very logical after new extremums of the market were formed. Potential of pullback is the pivot-zone 1718.89-1719.00.
Local uptrend undergoes the stage of corrective downswing building, which may get a cut-off at the support zone 1742.90-1745.11 (black trajectory), where the buyers can regain control. In case of a deeper correction gold may slide to 1740.31-1731/81 (red arrow).
Main scenario: Decline to 1742.90-1745.11 followed by an upward reversal and growth in direction 1760.00-1765.00.
Alternative scenario: In case the 1742.90-1745.11 zone gets broken, correction will be extended to 1730.31-1732.81.
Seeking probable buy signals at 1742.90-1745.11.
Shorts to 1730.31-1732.81 (in case an alternative scenario gets confirmation).
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