• Gold reversed from resistance zone
• Likely to fall to support level 1750.00
Gold continues to fall after the price reversed down from the resistance zone lying between the pivotal resistance level 1776.40 (which stopped the previous minor correction 2), 50% Fibonacci retracement of the previous downward impulse 1 and the upper daily Bollinger Band. The downward reversal from this resistance zone is aligned with the clear multi-month downtrend from June.
Given the strength of the aforementioned resistance zone and the bearish sentiment seen across the commodities markets today, Gold can be expected to fall further toward the next support level 1750.00 (which has been repeatedly reversing the price from the start of October).