Gold recently reversed down from the strong resistance zone lying between the round resistance level 1700.00 (top of the previous impulse wave 1) and the upper weekly Bollinger Band. The downward reversal from this resistance zone stopped the earlier weekly upward impulse wave 3 and likely to form the weekly Shooting Star. Given the strength of the aforementioned resistance zone and the clear bearish divergence on the weekly Stochastic indicator – Gold is likely to fall further toward the next support level 1650.00 (former resistance from the end of March).