Gold recently broke below the key powerful support level 1762.00 (former multi-month low from the middle of November). After breaking the support level 1762.00 – Gold made the attempts to test this level – which was met with strong selling – which is the strong sell signal for this instrument. Given the clear daily downtrend – Gold is likely to fall further in the active impulse waves iii, 3 and (C) toward the next support level 1700.00 (target price for the completion of the active impulse wave 3).