Technical analysis

Gold Wave Analysis – 15 December, 2022

• Gold formed daily Evening Star

• Likely to fall to support level 1750.00

Gold earlier reversed down strongly from the pivotal resistance level 1805.00 (which has been reversing the price from the middle of May).

The downward reversal from the resistance level 1805.00 created the daily candlesticks reversal pattern Evening Star.

Gold can be expected to fall further toward the next support level 1750.00 (forecast price for the completion of the active wave (ii)).