In recent days, the steep downward trend since the recovery high at USD 1,998 of late April continued in the gold price. Despite the episodic recapture of the 1,848 USD mark, buyers were unable to stabilize the price of the precious metal and prevent a break of the support at 1,820 USD. Thus, the price already falls to the area of the overriding downward targets between 1,780 and 1,765 USD.

The bulls have again poorly missed the chance for a small trend reversal, so it should only be a matter of time until the target area at USD 1,765 – 1,780 is reached. Here, several short- and medium-term price targets of the downward movement meet with the support from January and thus form a possible spot for a trend reversal. However, should the gold price also fall through this net, one must expect losses below USD 1,755 and drops to USD 1,720 and 1,705.