Gold Wave Analysis – 14 July, 2022

• Gold broke pivotal support level 1725.00

• Likely to fall to support level 1684.00

Gold recently broke below the pivotal support level 1725.00 (former multi-month support from last September).

The breakout of the support level 1725.00 is aligned with the clear downtrend that can be seen on the daily charts.

Gold can be expected to fall further toward the next support level 1684.00 (former powerful support from August of 2021) – from where gold is likely to correct up.