Gold’s correction from 1765.25 extended to as low as 1670.66 last week, and met 100% projection of 1765.25 to 1693.54 from 1745.14 at 1673.5. But there is no clear sign of bottoming yet. Decline from 1765.25 is still seen as correcting the whole rise from 1451.16. Further fall is expected as long as 1721.90 resistance holds. Break of 1670.66 will target 38.2% retracement of 1451.16 to 1765.25 at 1645.26 next. Nevertheless, break of 1721.90 will argue that the correction has completed and bring rebound to 1745.14/1765.25 resistance zone.
