Gold Wave Analysis – 12 December, 2022

• Gold reversed from key resistance level 1800.00

• Likely to fall to support level 1765.00

Gold previously reversed down from the major resistance level 1800.00 (which has been steadily reversing the price from May, when it served as the strong support).

The resistance level 1800.00 was further strengthened by the intersecting upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from April.

Gold gas can be expected to fall further toward the next support level 1765.00 (low of the earlier Morning Star from the start of December).