Gold Wave Analysis 18 December 2024

– Gold under bearish pressure

– Likely to fall to support level 2555.00

Gold under the bearish pressure after the earlier breakout of the key support level 2617,00 (which is the lower border of the sideways price range inside which the price has been trading from November).

The breakout of the support level 2617,00 stopped the earlier impulse wave 3 of the higher order impulse wave (5) from last month.

Gold can be expected to fall further to the next support level 2555.00 (which stopped the earlier medium-term correction (4) in November).