• Gold broke key support level 1950.00
• Likely to fall to support level 1880.00
Gold recently broke the key support level 1950.00, intersecting with the 38.2% Fibonacci correction of the upward impulse from January.
The breakout of the support level 1950.00 coincided with the breakout of the support trendline of the daily up channel from February – which accelerated the active correciton (iv).
Gold can be expected to fall further toward the next support level 1880.00 (target price for the active correciton (iv)).
Source: Fxpro
