Gold Wave Analysis – 11 March, 2022

Gold reversed from long-term resistance level 2075.00
• Likely to fall to support level 1900.00

Gold recently reversed down from the powerful long-term resistance level 2075.00 (which stopped the previous sharp upward trend in the middle of 2020) – standing far above the daily and the weekly Bollinger Bands.

The downward reversal from the resistance level 2075.00 stopped the previous impulse waves 3 and (3).

With the easing of the global risk sentiment – Gold can be expected to correct down further toward the next support level 1900.00 (former top of wave (1) from last year).