Gold Wave Analysis – 2 December, 2022

• Gold reversed from key resistance level 1800.00• Likely to fall to support level 1750.00

Gold today reversed down sharply from the powerful multi-month resistance level 1800.00 (which has been reversing the price from the middle of May).

The resistance level 1800.00 was further strengthened by the nearby upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from April.

Given the prevailing daily downtrend and the bearish Stochastic divergence, Gold can be expected to fall further toward the next support level 1750.00.