July 01, 2022
Spot gold may retest recently created support $1,728 per ounce, a break below could trigger a drop into $1,711 to $1,721 range.
Gold is riding on wave C from $1,857.30. The wave already touch little below its 161.8% level of $1,739. This pattern may push gold into $1,666-$1,683 range.
A break above $1,748 could lead to a gain into $1,756 to $1,767 range. Daily chart suggest downtrend may continue to extend towards $1,680, as pointed by the channel. Some week bounces may interrupt the downtrend. A decent bounce however, may occur in the support zone of $1,680-$1,684.
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