Steep reverse bullish close of yesterday’s bar showed, that bears are unable to renew the last low. Therefore there are compelling reasons to expect upward reversal of the downtrend for gold.
The closest target of bulls will be pivot-zone 1473.48-1478.28.
On local chart we got an upward reversal via bullish pattern O&U, which delivers an entry much lower than the current quotes, at 1451.26. Thus there is a high probability of prior decline to this region before full-scope reverse movement to the upside.
Decline in direction 1451.26.
Shorts in direction 1451.26.
Longs from 1451.26.