Technical analysis

Gold Wave Analysis 13 February 2024

– Gold under bearish pressure

– Likely to fall to support level 1975.00

Gold under the bearish pressure after the price broke the key support level 2005.00 (former monthly low from January), intersecting with the 50% Fibonacci correction of the upward impulse from November.

The breakout of the support level 2005.00 continues the active daily correction from the major resistance level 2075.00, which has been reversing Gold over the last few months.

Gold can be expected to fall further to the next support level 1975.00 (former monthly low from December).

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