Gold Wave Analysis – 22 December, 2022

• Gold reversed from resistance level 1820.00

• Likely to fall to support level 1775.00

Gold today once again reversed down strongly from the resistance zone located between the resistance level 1820.00 (top of the previous impulse wave (1)) and the upper daily Bollinger Band.

Gold previously created the daily Evening Star candlesticks reversal pattern near the resistance level 1820.00 – highlighting the strength of this price level.

Given the multi-month downtrend, Gold can be expected to fall further toward the next support level 1775.00 (low of the earlier wave (ii)).