Categories: Technical analysis

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)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: gold

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