Gold Wave Analysis 1 August 2024

– Gold reversed from resistance zone

– Likely to fall to support level 2400.00

Gold recently reversed down from the resistance zone located between the pivotal resistance level 2450.00 (which has been reversing the price from the middle of May) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the previous intermediate impulse wave (5) from the end of July.

Given the strength of the aforementioned resistance zone, Gold can be expected to fall further toward the next support level 2400.00.