Gold Wave Analysis – 27 January, 2022

• Gold broke daily up channel

• Likely to fall to support level 1780.00

Gold continues to fall after the breakout of the support trendline of the daily up channel from the middle of December.

The breakout of this up channel accelerated the active short-term correction – which started earlier from the key resistance level 1860.00.

Given the widespread risk sentiment improvement -Gold can be expected to fall further toward the next support level 1780.00 (low of the previous correction (ii) from the start of this month).