July 12, 2022
Next support for spot gold is $1,720, a break below may open path for $1,666 - $1,684 range. Gold already touch $1,723 point which is lower than the July 6 low of $1,731. This dip confirmed a continuation of the downtrend towards $1,680.
Metal is riding on wave C, which is expected to travel in a range of $1,666 - $1,684. Resistance is at $1,743, a break above which may lead to $1,751 - $1,763 range. On daily chart, the downtrend within a big channel remains steady. The trend could eventually extend to $1,680, as pointed by the channel.
Gold has penetrate just below $1,727, it is likely to break this support and fall towards $1,706. A decent bounce may only occur in the support zone of $1,680 - $1,684.
