Extremely short corrective downswing is formed casting bid doubts on capability of sellers to break the psychological barrier of $1600 for a troy ounce (black trajectory).
However if they succeed, market will get room for further development of downswing in direction of the pivot-zone 1561.45 (red arrow).
Local structure got bearish tone having slightly renewed the low at 1610.00. Thus after completion of corrective upswing (supposedly at 1620.00-1625.00), we can expect an attempt of bears to go to 1594.00-1595.00.
We expect completion of upward pullback (at 1620.00-1625.00) and following decline in direction 1594.00-1595.00.
Shorts from 1620.00-1625.00 to 1594.00-1595.00.