Gold structure keeps a bit chaotic tone with clear bearish momentum. If we take a closer look, we can distinguish a triangular accumulation of potential in the range between support zone 1483.11-1486.72 and upper boundary of triangle at 1505.00. It’s highly likely that this tendency will be protracted as there is enough room inside this triangle.
Local structure completed corrective upswing after facing very strong resistance zone 1490.03-1491.29, where we can expect a start of new downward movement in direction of the last low (1473.61).
Main scenario: Decline from current levels in direction 1473.61.
Alternative scenario: Decline to the 1483.11-1486.72 zone and following upward bounce in direction 1500.00.
Shorts towards 1483.11-1486.72 and 1473.61.
Seeking for probable buy signals at 1483.11-1486.72.