Sat, Feb 04, 2023 @ 08:19 GMT

Gold Wave Analysis

  • Gold reversed from resistance level 1820.00
  • Likely to fall to support level 230.00

Gold today once again reversed down strongly from the resistance zone located between the resistance level 1820.00 (top of the previous impulse wave (1)) and the upper daily Bollinger Band.

Gold previously created the daily Evening Star candlesticks reversal pattern near the resistance level 1820.00 – highlighting the strength of this price level.

Given the multi-month downtrend, Gold can be expected to fall further toward the next support level 1775.00 (low of the earlier wave (ii)).

FxPro
FxProhttp://www.fxpro.co.uk/?ib=606792
FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading