Gold Wave Analysis – 16 March, 2022

• Gold broke key support level 1950.00
• Likely to fall to support level 1880.00

Gold recently broke the key support level 1950.00, intersecting with the 38.2% Fibonacci correction of the upward impulse from January.

The breakout of the support level 1950.00 coincided with the breakout of the support trendline of the daily up channel from February – which accelerated the active correction (iv).

Gold can be expected to fall further toward the next support level 1880.00 (target price for the active correction (iv)).