Gold Is Falling Again

After several days of consolidation GOLD moved to the downside again, reached the support at 1105.70 and it looks like it is currently breaking below that level. Time will tell whether this break will be confirmed, but in case that does happen I think we can expect it to continue on its way down towards the previous low, which is at 1077.17. If you take a look at the weekly filter chart however you will notice that there is plenty of opportunity to continue falling should it manage to break below that support too. Frankly, I wouldn’t be surprised if it finally reaches 1000.