Gold Bearish Breakdown: Support at 4100 Broken, Next Target 3970

Gold has broken below the key support level at 4100.00, confirming a bearish continuation. The support zone, which had reversed price since late September and previously contained waves iii, v, and 2, gave way, accelerating the downward impulse that originated from the top of wave ii at 4400.00 in mid-September. With the daily trend clearly negative, the next support level to watch is 3970.00, which has halted every downward wave since July.

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