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23.09.202215:57 Forex Analysis & Reviews: Short-term analysis on Gold for September 23rd, 2022.

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Black lines- Fibonacci retracements

Blue rectangles- support (broken)

Gold price has broken below the short-term support of $1,660 and has moved as low as $1,640. Trend remains bearish as price continues making lower lows and lower highs. Bulls managed only to retrace 38% of the previous decline. This price action confirms the weakness by bulls to make a bigger bounce. The inability to reach the 50% retracement has lead price to break below short-term support. Next short-term downside target is at $1,620. At $1,620-$1,600 we find a long-term support that is very important. A bounce from that area is justified.

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