Gold can be expected to fall further toward the next support level 3300.00 (low of the previous corrections 2 and ii).
- Gold reversed from resistance zone
- Likely to fall to support level 3300.00
Gold recently reversed down from the resistance zone located at the intersection of the powerful resistance level 3430.00 (which has been reversing the price from April, can be seen from the daily WTI old below) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing, which stopped the earlier short-term impulse wave 3, which belongs to the intermediate impulse wave (3) from the end of June.
Given the strength of the nearby resistance level 3430.00 and the weakening of the global safe haven inflows into gold, Gold can be expected to fall further toward the next support level 3300.00 (low of the previous corrections 2 and ii).
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