Gold extends steep fall below $1900
Gold price extends fresh bearish acceleration into third straight day and dipped below $1900 level, hitting the lowest in five weeks on Wednesday.
Bears cracked key near-term support at $1884 (Aug 17/21 lows) with sustained break lower to generate bearish continuation signal and expose targets at $1871 (weekly cloud top), $1848 (50% retracement of $1616/$2080) and $1831 (cloud base).
Strengthening negative momentum reinforces bearish outlook, though bears may face headwinds as stochastic is deeply oversold on daily chart.
Limited upticks should stay under $1900 zone, which reverted to strong resistance, to keep bearish structure intact.
Fundamentals are increasingly negative for the yellow metal, as renewed talks on Fed keeping high interest rates for extended period (US economy seems to be in a better shape than expected) continue to inflate dollar and make gold less attractive for investors.
Res: 1892; 1900; 1909; 1917
Sup: 1871; 1855; 1848; 1831