Gold Wave Analysis – 17 June, 2021

• Gold under bearish pressure

• Likely to fall to support level 1760.00

Gold under the bearish pressure after the price broke support area lying between the support level 1812.00 (low of wave (iv) form May), 100-day moving average and the 50% Fibonacci correction of the upward impulse from the start of March.

The breakout of this support area accelerated the active short-term downward impulse wave 3.

Gold can then be expected to fall further toward the next support level 1760.00 (target for the completion of the active impulse wave 3).