Gold Wave Analysis 14 August 2024

– Gold reversed from resistance zone

– Likely to fall to support level 2400.00

Gold recently reversed down from the resistance area located between the strong resistance level 2475.00 (which stopped the previous impulse waves (3) and 1) and the upper daily Bollinger Band.

The downward reversal from the resistance level 2475.00 stopped the previous impulse waves 3 and (5).

Given overbought daily Stochastic, Gold can be expected to fall further toward the next support level 2400.00.