Gold Wave Analysis 15 January 2024

– Gold reversed from support level 2020.00

– Likely to rise to resistance level 2075.00

Gold recently reversed up from the pivotal support level 2020.00 (former minor support from the middle of December).

The support level 2020.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse 1 from last month.

Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2075.00 (top of the previous minor impulse wave 1).