Categories: Technical analysis

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: gold

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