Gold’s selloff accelerates today after taking out 2000 handle. Currently the decline from 2075.18 is seen as corrective the rise from 1670.66 only. Hence, while the pull back is deep we’d expect strong support from 38.2% retracement of 1670.66 to 2075.18 at 1920.65 to contain downside to bring rebound. Nevertheless, Gold needs to climb back above 2000 handle to indicate stabilization. Sustained break of 1920.65 could pave the way to 61.8% retracement at 1,825.18 before finding a bottom.
