Gold’s recovery was rejected by 1760.46 support and resistance and decline resumed quickly by breaking through 1717.01 temporary low. 1700 handle is now looking vulnerable. The corrective pattern from 2075.18 is extending with fall from 1959.16 as the third leg. Current fall might now target 50% retracement of 1160.17 to 2075.18 at 1617.67.
Break of 1759.72 minor resistance is now needed to be the third sign of short term bottoming. Further break of 1815.83 resistance is needed to confirm. Otherwise, risk will stay on the downside in gold as the correction in favor in extend lower.
