Gold Wave Analysis – 8 December, 2022

• Gold reversed from support level 1765.00

• Likely to rise to resistance level 1805.00

Gold earlier reversed up from the support level 1765.00 (former minor resistance from the end of November).

The support level 1765.00 was further strengthened by the nearby 50% Fibonacci correction of the upward impulse wave (i) from the end of last month.

Given the improving sentiment across the precious metal markets, Gold can be expected to rise further toward the next resistance level 1805.00 (former top of waves (ii) and (i)).