During the current option month, the quotes of the safe-haven asset successfully consolidated above the level of the option balance of the May contract (1750.00).
Our main assumption of a probable retest of the 1750.00 price mark for an additional set of bullish positions did not materialize.
The asset's quotes continued to rise on the daily time frame and throughout the current trading week.
GOLD, D1:
In this context, taking into account the upcoming expiration of the May monthly option contracts, which is scheduled for Tuesday, April 27, we expect continued growth on the daily chart and throughout the first half of the new trading week.
At the same time, the nearest long-term resistance is the level of growth of positions to decrease in the volume of $483 million, located at the price mark 1805.04.
In case of breakdown and consolidation above the specified mark, the rally will continue to the next significant resistance, which is the market maker's loss level (1832.23).
GOLD, M30:
If an alternative scenario of the development of events is realized - a rebound from the option level 1805.04 - we expect a decline with the target reference - the monthly balance of the market maker (1750.00).
When conducting intraday trading, we note a successful test of the day's balance level (1782.05) during the European trading session.
The main scenario for the development of events before the opening of the American session is the achievement of an important option mark at the price of 1789.00 and the probable subsequent decline before the close of currency with a target reference - the limit buyer (1777.89).
In the event of an impulse rise followed by a breakout of the option resistance at the price level of 1789.00, growth is expected to continue within the day with a target reference - the level of the market maker's loss on a weekly option contract (1797.03).
