Gold Wave Analysis – 15 September, 2022

• Gold under bearish pressure

• Likely to fall to support level 1650.00

Gold under the bearish pressure after the price broke the pivotal support level 1690.00 (which has been reversing Gold from the middle of July).

The breakout of the support level 1690.00 continues the clear multi-month downtrend that can be seen on the daily Gold charts.

Gold can be expected to fall further in the active impulse waves (iii), 3 and (3) toward the next support level 1650.00.