Upswing is fully completed, that indicates a probable continuation of gold market’s massive consolidation in the range of last swing (1385.58-1426.89, watch the blue trajectory).
However as well as in case with EURUSD the structure doesn’t have a direct short-signal, therefore we can’t rule out a break above the last high (1437.43, watch the black arrow).
Local structure undergoes the stage of forming of corrective downswing. Its optimal cut zone is pivot-level 1407.50, where we again can consider going long.
We expect decline towards 1407.50 and then growth in direction 1426.89.
Shorts towards 1407.50.
Longs from 1407.50 to 1426.89.