Gold Wave Analysis – 03 February 2023

• Gold broke the support level 1900.00

• Likely to fall to support level 1850.00

Gold recently broke the support level 1900.00 (which stopped the previous waves (4) and 2) intersecting with the support trendline of the sharp daily up channel from November.

The breakout of the support level 1900.00 coincided with the breakout of the 38.2% Fibonacci correction of the upward impulse from December – which added to the bearish pressure on the gold.

Gold can be expected to fall further toward the next support level 1850.00 (which reversed the price at the start of January).