Downswing is completed and getting ready to test the support zone 1718.89-1724.45, which can meet the asset with a tangible increase of demand. Reaction on this zone will define the prospects of gold for the rest of the week (red and black arrows).
Local trend has purely bearish structure, therefore the positional advantage will be on the sellers’ side. Thus, a break of 1718.89-1724.45 is highly likely. In this case there will also be high risks of the rate drop to the psychological level 1700.00.
Main scenario: Attack of support 1718.8901724.45 and further decline to 1700.00.
Alternative scenario: Testing of 1718.89-1724.45 with the following upward reversal.
Shorts to 1700.00.
Seeking probable buy signals at 1718.89-1724.45.
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