• Gold reversed from the resistance area
• Likely to fall to support level 1720.00
Gold recently reversed down from the resistance area lying between the pivotal resistance level 1760.00 (which stopped the previous minor wave A in the middle of March), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from the end of January. The downward reversal from this resistance area stopped the previous intermediate ABC correction (2) from the start of March.
Given the latest easing of the inflation fears in USA – after weak jobs report was published – Gold pair can be expected to fall further toward the next support level 1720.00 (target for the completion of the active impulse wave (i)).