• Gold falling inside wave (c)
• Further losses are likely
Gold has been falling sharply in the last few trading sessions after the earlier breakout of the support area lying between the key support level 1282.00 (low of the previous wave (i) from May), 61.8% Fibonacci correction of the previous upward impulse from December and the support trendline from 2017.
The breakout of this support area accelerated the active impulse wave C – which belongs to the ABC correction 2 from January.
Gold is likely to fall further and re-test the next powerful support level 1240.00 (which stopped the previous ABC correction (2) in December).