As we see corrective downswing isn’t completed so far. Thus a probability of yesterday’s low (1324.88) renewal is quite high.
Update: At time of writing the gold has created a downswing already. This means, that bulls have a chance to seize the initiative at current levels.
However if the pivot-zone 1323.00-1324.00 doesn’t reveal a tangible demand for the asset, the quotes can keep on correction in direction 1302.00-1303.00.
Bears has managed to renew the low at the 1324.37 level and given a very big scale of the downswing there are doubts, that bears will be capable to keep pressure for a long time.
Thus a conclusion suggests a recovery of the quotes in direction 1330.00.
Main scenario: Testing of the 1320.00-1323.00 zone and then growth towards 1330.00.
Alternative scenario: Continuation of decline in direction 1310 with aim at 1302.00-1303.00.
Seeking for local buy signals at the 1320.00-1323.00 area in direction 1330.00.