Gold be expected to fall to the next support level 4400.00 (low of the previous correction (A) from January, which is also the target price for the completion of the active impulse wave 3).
- Gold broke support area
- Likely to fall to support level 4400.00
Gold recently broke the support area between the support level 4680.00 (which reversed the price at the start of February, as can be seen from the daily Gold chart below) and the 50% Fibonacci correction of the upward impulse from last November. The breakout of this support area accelerated the active impulse wave 3 of the intermediate impulse wave (C) from the end of February – which previously broke the round support level 5000.00. The active impulse waves 3 and (C) belong to the primary downward wave (B) from the end of January.
Given the strength of the active impulse waves 3 and (C), Gold be expected to fall to the next support level 4400.00 (low of the previous correction (A) from January, which is also the target price for the completion of the active impulse wave 3).
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