Growth of the quotes goes without full-scale corrective swing in the structure that may imply mere upward ejection without direct trending movement. Especially that testing of pivot-zone 1478.20-1480.70 revealed a kind of bullish weakness.
Thus a scenario of the launch and development of downswing remains the main despite certain optimism of the recent days.
Local structure has virtually perfect uptrend properties, therefore we shouldn’t expect a downward reversal here. Right now gold undergoes the stage of downward correction, which supposedly will be over at one of PPZ - 1468.74 or 1465.00.
Main scenario: Decline to 1468.73 and then upward reversal to 1480.00.
Alternative scenario: Deeper correction to 1465.00.
Shorts to 1468.73 and 1465.00.
Longs from 1465.00 and 1468.73.