Technical analysis
Gold Wave Analysis – 16 March, 2022
March 16, 2022 @ 19:42 +03:00
![Gold Wave Analysis – 16 March, 2022 Gold Wave Analysis – 16 March, 2022](https://fxpro.news/wp-content/uploads/2020/04/gold3.jpg)
• 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)).
![](https://fxpro.news/wp-content/uploads/2022/03/xauusd-primary-analysis-mar-16-1718-pm-1-day-1024x479.png)