Gold Wave Analysis

  • Gold reversed from support level 2300.00
  • Likely to rise to resistance level 2365.00

Gold recently reversed up from the pivotal support level 2300.00, which has been steadily reversing the price from the end of April, as can be seen below.

The support level 2300.00 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction level of the previous sharp upward impulse from March.

Given the clear daily uptrend and the strength of the support level 2300.00, Gold can be expected to rise further toward the next resistance level 2365.00 (which has been reversing the price from the start of June).

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