Gold can be expected to fall further toward the next support level 2470,00 (low of the previous minor correction (iv).
– Gold reversed from resistance zone– Likely to fall to support level 2470,00
Gold under the bearish pressure after the earlier downward reversal from the resistance zone located between the key resistance level 2525.00 (which stopped the previous minor impulse wave iii, as can be seen from the daily Gold chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous impulse wave 3 – which belongs to the intermediate impulse sequence (3) from the middle of February.
Given the strength of the aforementioned resistance zone and the still overbought daily Stochastic, Gold can be expected to fall further toward the next support level 2470,00 (low of the previous minor correction (iv) and the former strong resistance from July and August).
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