Gold Continues Falling

As I predicted yesterday, Gold continued falling after it bounced off the resistance at 1162.40 and eventually reached the support level at 1117.50. As you can see on the screenshot, it bounced off that level as well, but in my opinion that is a just a short retracement before it tests the support again. Should it manage to break below it I expect it will reach the previous low at 1077.17, which is a considerable level of support as well. That said, the bearish trend is likely still valid and we can probably expect Gold to reach 1000 in the foreseeable future.