Gold Drops to $2217: Where Next..? Decline or Rebound..?

After strong resistance from $2368 resistance zone that scared many short sellers out of the play, Gold eventually fell like a hot potato dropping straight to $2316.80 which is just inches away from 61.8% Fibonacci retracement level $2318 and settled the Day at $2321.

Though minor trend is bearish, a possibility of resumption of uptrend can not be ruled out if Gold starts recovery from current low $2317 or a tad lower 78.6% Fibonacci zone $2305

On recovery, immediate resistance $2327-$2332 is required to be cleared and main challenge a sustained break above $2340 for further advance.

Rebound possibility will be postponed if $2304 breaks to downside which eases the way to extended decline towards horizontal support $2386 followed by $2272-$2262-$2252

Note: Watch reaction to $2317 low

Disclaimer: This is not a trading advice. Do your own research before taking a trade.