Gold breaches 1700 as correction from 1765 extends

Gold’s decline from 1765.25 extends lower today and breached 1700 handle. The fall is getting better in shape as the correction to whole rise from 1451.16 to 1765.25 as we viewed. Further fall should be seen to 38.2% retracement of 1451.16 to 1765.25 at 1645.26 before bottoming. On the upside, break of 1735.44 resistance is needed to indicate completion of the corrective fall. Otherwise, deeper decline will remain in favor in case of recovery.

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