Gold fell below the 4020 support and managed to hit the target and support zone of 3942-76.
As we see from the chart, the market faces a chance for a rebound correction as long as it keeps holding above 3942.
Below this support a further drop could hit the market, while the mid-run support around 3886 still protects the advance wave from returning to the market.
Below 3886 a new downtrend wave is likely.
| SUPPORT | RESISTANCE | |
|---|---|---|
| LEVEL1 | 3942 | 4025-45 |
| LEVEL2 | 3886 | 4080-95 |
| LEVEL3 | 3800 | 4145-55 |