Pivot point: 1940.00
Preferred scenario: Short positions below the 1940.00 level with targeting the 1851.00 levels
Alternative scenario: Stop loss and change direction by breaking the 1965.00 level with targeting 2010.00 levels
Comment
Gold is moving in a bullish direction on the four hour frame since last November's low, as it rose from 1762.00 levels, as it moved in a bullish price channel
The price fell from the highs of 1940.00-1965.00 and from the downtrend from the top of last August, with the presence of a harmonic bat pattern with 88% fibo correction of the xa leg at these same levels
To be expected, the price will decline to levels 1868.00-1851.00
