Gold Wave Analysis

  • Gold reversed from the key support level 1900.00
  • Likely to rise to resistance level 1960.00

Gold recently reversed up with the daily Hammer from the key support level 1900.00 (which has been repeatedly reversing the price from the middle of February).

The support zone near the support level 1900.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the previous upward impulse from January.

Gold can be expected to rise further toward the next resistance level 1960.00 (top of the earlier correction (b)).

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