Given the strength of the active c-wave, Gold can be expected to fall to the next support level 3172.00 (former top of wave iii from the start of April and the target price for the completion of the active ABC correction 4).
- Gold broke support area
- Likely to fall to support level 3172.00
Gold recently broke the support area between the support level 3275.00 (which stopped the a-wave of the active ABC correction 4 from the major resistance level 3500.00, as can be seen from the daily Gold chart below) and the 38.2% Fibonacci correction of the previous sharp upward impulse wave v from the start of April. The breakout of this support area accelerated the c-wave of the active ABC correction 4 – which belongs to the extended upward impulse sequence (C) inside which Gold has been rising steadily from last November.
Given the strength of the active c-wave, Gold can be expected to fall to the next support level 3172.00 (former top of wave iii from the start of April and the target price for the completion of the active ABC correction 4).
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