Gold under the bearish pressure after the price broke the support area lying between the key support level 1763.50 (which has been reversing the price from the middle of April) and the 61.8% Fibonacci correction of the upward impulse from the end of March. The breakout of this support area accelerated the active short-term impulse waves (iii) and 3. Given the concerns about inflation in USA – Gold can be expected to fall further toward the next support level 1740.00 (target for the completion of the active impulse waves (iii) and 3).