Gold’s fall from 1916.30 resumes today by breaking through 1760.71. Further fall is now expected as long as 1794.75 resistance holds. Deeper decline should be seen back to 1676.65 support, which is close to 38.2% retracement of 1046.27 to 2074.84 at 1681.92. We’d expect strong support from there to bring rebound.
However, sustained break of 1676.65 will argue that it’s in a larger scale correction. Deeper fall could then be seen to 61.8% retracement at 1439.18 in the medium term.
