As we assumed previous day was closed by bearish inside bar at the tip of upswing being a solid short-setup. Thus we can expect a start of strong downward movement within new swing. Supposed target of bears will be support area 1480.70-1483.11.
We note two strong resistance levels capable to crash gold’s quotes after completion of upward correction. These are 1508.13-1508.89 and 1514.00. New downswing can be triggered from each of these levels in direction 1485.50.
Main scenario: Touch of 1508.13-1508.89 and then decline to 1495.50.
Alternative scenario: Growth towards 1514.00 and then start of steep downswing in direction 1495.00.
Shorts form 1508.13-1508.89 and 1514.00 to 1495.00.