Gold Wave Analysis – 31 August, 2022

• Gold broke support level 1725.00

• Likely to fall to support level 1700.00

Gold recently broke the support level 1725.00 intersecting with the 61.8% Fibonacci correction of the upward correction 2 from July.

The breakout of the support level 1725.00 accelerated the active short-term impulse waves (iii) and 3, which belong to the intermediate impulse wave (3) from June.

Gold can be expected to fall further toward the next round support level 1700.00 (which stopped the previous impulse wave 1 in July).