Gold can be expected to fall further toward the next round support level 4000.00 (which reversed Gold multiple times in June and July).
- Gold broke support zone
- Likely to fall to support level 4000.00
Gold continues to fall after the earlier breakout of the support zone between the pivotal support level 3.000 (which has been reversing the price from August, as can be seen from the gold chart below) and the 61.8% Fibonacci correction of the upward impulse 1 from the end of June. The breakout of this support zone accelerated the active intermediate corrective wave (2) from the end of last month.
Given the multi-month downtrend, Gold can be expected to fall further toward the next round support level 4000.00 (which reversed Gold multiple times in June and July and the target for the completion of the active corrective wave (2)).