Upswing is getting ready to test the resistance zone 1745.38-1751.00, where we’ll have huge odds for a cut-off of growth and switching to a new downswing.
But also we won’t rule out a scenario of the ultimate break of the mid-term downtrend as the latest growth wave goes in the course of execution of a double bottom.
Local growth of the rate has a trending mode. Gold structure is the bullish one, therefore we can confidently expect a break of the closest high (1745.11) and renewal of the peak. Further we expect a market reaction on the resistance zone 1750.00-1751.00.
Main scenario: Growth to 1750.00-1751.00 followed by a downward reversal.
Alternative scenario: Break above 1750.00-1751.00 in direction 1760.00.
Longs to 1750.00-1751.00.
Seeking probable sell signals at 1750.00-1751.00.