Yesterday a slump of the yellow metal quotes took place, that from one hand was expected, but from the other hand it happened without a prior short-signal. It seems. that bears will continue their pressure in direction of the last low of the structure (1280.52).
Local downward structure is developing corrective upswing. It’s very likely, that it’ll be completed right now, since at the tip of correction a bearish pin is formed. But we also can’t rule out extension of pullback in direction of PPZ 1300.74 (watch the red arrow).
Main scenario: Continuation of the quotes drop in direction 1280.52.
Alternative scenario: Upward pullback in direction 1300.74 and then new downward reversal.
Shorts in direction 1280.52.