Mon, May 16, 2022 @ 19:24 GMT

Gold Wave Analysis

  • Gold reversed from resistance level 1826.71
  • Likely to fall to support level 1800.00

Gold recently reversed down from the pivotal resistance level 1826.71, intersecting with the daily upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward correction (ii) from November.

The downward reversal from the resistance level 1826.71 stopped the previous impulse waves (iii) and 3.

Gold can be expected to fall further toward the next round support level 1800.00 (which has been reversing the pair from November).

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