The decline from 125.5 to 100 mark in years 2015-2016 has been followed by the corrective triangle which was developing for the last 3 years. After the final triangle E point (at 112) was reached the swift 2-weeks movement followed which brought the pair to the triangle bottom line at 104.70. The movement was of such a strength that the price fell much below that...
After having formed the clear 5-wave structure when raising 500 points from 1180 to 1680 gold has turned into corrective movement.
Support level to watch for renewals of buying are 1560 and 1487.
As far as the sharp fall of the metal could be explained by the need to cover investors' losses on the other markets the retracement could turn out to be shallow and short-lived.
