Just before the start of the US session, the gold price fell sharply and broke below the support around the $ 1740.8. As can be seen in the chart below, a bottom shadow is currently forming, which poses a risk of a rebound. However, if the price remains below the aforementioned level of $ 1740.8 (which should now act as resistance), a deepening of the sell-off is possible. The $ 1729 zone should be considered as major support, and is marked with earlier price reactions and 78.6% Fibonacci retracement.
GOLD interval M15. Source: xStation5
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