Gold recently reversed down from the resistance zone lying between the resistance level 1775.00 and the upper daily Bollinger band. The downward reversal form this resistance zone started the active short-term corrective
wave (iv). Given the oversold daily Stochastic – Gold is likely to correct down further toward the next support level 1743.00 (target for the completion of the active minor corrective wave (iv)) – from where the price is likely to reverse up and test the next round resistance level 1800.00 (target for the completion of wave 3).