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Gold extending decline towards 1817

ActionForex
By ActionForex

Gold’s near term decline resumed overnight and broke through 1850.18 support. Near term outlook now stays bearish as long as 1909.57 resistance holds. Next target is 100% projection of 2070.06 to 1889.79 from 1998.23 at 1817.86. The whole fall from 2070.06 is seen as the third leg of the consolidation pattern from 2074.84 (2020 high). Firm break of 1817.86 could prompt more downside acceleration towards 1682.60 to finally finish the pattern.

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