Gold Wave Analysis – 31 January, 2022

• Gold reversed from support zone

• Likely to rise to resistance level 1810.00

Gold recently reversed up from the support zone lying between the key support level 1780.00 (which reversed the pair at the start of January) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the earlier minor corrective wave (ii).

Given the strength of the aforementioned support zone – Gold can be expected to rise further toward the next resistance level 1810.00 (former support from the middle of January).