Technical analysis

Gold Wave Analysis 17 August 2023

– Gold under bearish pressure

– Likely to fall to support level 1860.00

Gold under the bearish pressure after the price broke the key support level 1900.00 (which stopped the previous intermediate impulse wave (A) at the end of June).

The breakout of the support level 1900.00 accelerated both of the active impulse waves 3 and (C).

Gold can be expected to fall further toward the next support level 1860.00 (target for the completion of the active impulse wave 3).

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