Gold can be expected to fall further to the next support level 3800.00 (target price for the completion of the active impulse wave 3.
- Gold broke round support level 4000.00
- Likely to fall to support level 3800.00
Gold recently broke below the round support level 4000.00 (which has been reversing the price from last November, as can be seen from the daily Gold chart below).The breakout of the support level 4000.00 was preceded by the breakout of the support level 4100.00 (former multi-month low from the middle of March). The breakout these support levels should accelerate the active short-term impulse wave 3 – which belongs to the intermediate impulse wave (C) from the middle of April.
Given the clear daily downtrend and the continuation of the global risk-off sentiment today, Gold can be expected to fall further to the next support level 3800.00 (target price for the completion of the active impulse wave 3.