Gold Technical Analysis 28 September, 2021

• Gold broke support zone
• Likely to fall to support level 1700.00

Gold continues to fall strongly after the price broke the support zone located between the key support level 1745.00 (which previously reversed the price in the middle of September) and the 61.8% Fibonacci retracement of the previous sharp upward impulse wave (1) from the start of August. The breakout of this support zone accelerated the active impulse wave C – which belongs to the intermediate ABC correction (2) from the start of September.

Given the improvement of the risk sentiment globally and the resultant safe-haven outflows from the precious metals including gold, Gold can be expected to fall further toward the next round support level 1700.00 (target price for the completion of the active ABC correction (2)).

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