Gold Wave Analysis – 16 February, 2022

• Gold reversed from support zone

• Likely to rise to resistance level 1875.00

Gold recently reversed up from the support zone located between the key support level 1850.00 (previous resistance from January) and the 50% Fibonacci correction of the previous sharp upward impulse from last week.

The upward reversal from this support zone continues the active short-term impulse waves iii and (iii).

Given the strength of the aforementioned support zone – Gold can be expected to rise further toward the next key resistance level 1875.00 (former multi-month high from November).