Gold managed to hold trades below the resistance of 4035 as the drop pressure still affects the market.
As we see over the Intraday chart, the market is facing the first resistance around 4035, where as long as the market holds below it, a chance for another drop could hit the market. Support at 3940 could protect prices from another rebound.
Above 4035 more advance is likely while resistance at 4075-90 could lead to another drop.
As Gold is closing from the medium term support around 3886, traders need to be alert as the Uptrend wave return at any time.
Below 3886 a new downtrend wave is likely.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 3976 | 4035 |
| LEVEL2 | 3942 | 4075 |
| LEVEL3 | 3886 | 4145-55 |
