Gold Wave Analysis 1 March 2024

– Gold approached key resistance level 2090.00

– Likely to correct down to support level 2050.00

Gold today rose sharply after the price broke through the key resistance level 2050.00 (which has been reversing the price from the start of January).

The price is currently trading close to the key resistance level 2090.00, former monthly high from last December.

Given the strength of the resistance level 2090.00 and the overbought daily Stochastic, Gold can be expected to all further toward the next support level 2050.00.