Gold correction from 1611.37 extends lower today and hits as low as 1535.91 so far. At this point, we’re seeing such decline as corrective the whole five way sequence from 1160.17. Deeper fall could be seen to 55 day EMA (now at 1501.65) first. Sustained break there will affirm our view and target 1145.59, which is close to 38.2% retracement of 1160.17 to 1611.37 at 1439.01. However, break of 1563.11 will dampen our view and turn focus back to 1611.37 high instead.

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