Gold continues its way of recovery having confidently hit the first target at 1810.17. According to the very high closing price of the daily session we can assume that growth of the rate will be extended and resistances 1830.00-1831.06 (red trajectory) and 1856.00-1857.06 (black arrow) will be the stopping levels.
Further growth within the local structure also doesn’t cast virtually any doubts. At the same time the structure didn’t get a full-fledged corrective downswing after another renewal of the high, therefore its forming is highly likely (blue trajectory). Thus the optimum buy entry point is 1809.00-1810.00.
Main scenario: Extension of growth in direction 1830.00-1831.06.
Alternative scenario: Prior pullback to support 1809.00-1810.00 followed by growth in direction 1830.00-1831.06.
Longs to 1830.00-1831.06. Optimum entry point is 1809.00-1810.00.