Gold Wave Analysis

  • Gold reversed from support level 1940.00
  • Likely to rise to resistance level 1980.00

Gold recently reversed up from the pivotal support level 1940.00 (which has been reversing the price from the middle of March).

The support level 1940.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the sharp upward impulse from March.

Given the clear daily uptrend, Gold can be expected to rise further toward the next resistance level 1980.00 (top of wave B from the end of last month).

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