Gold finally breaks out from recent range, to the downside, through 1187.58 support. The development indicates that corrective rebound from 1160.36 has completed. We mark the end point of the correction at 1211.05. Deeper fall should be seen back to 1160.36 low next.
In the bigger picture, Gold is held comfortably below falling 55 day EMA. That suggests fall from 1365.24 is still in progress. Break of 1160.36 low will confirm decline resumption. In that case, next downside target will be 61.8% projection of 1365.24 to 1160.36 from 1211.05 at 1084.43.
