Technical analysis

Gold Wave Analysis – 19 April 2023  

• Gold reversed from major resistance level 2050.00

• Likely to fall to support level 1953.00

Gold continues to fall after the price reversed down from the major resistance level 2050.00 (which is the upper boundary of the powerful resistance zone, which has been reversing the price from the middle of 2020) coinciding with the upper weekly Bollinger Band.

The downward reversal from the resistance level 2050.00 created the weekly Japanese candlesticks reversal pattern Shooting Star.

Given the bearish divergence on the weekly Stochastic, Gold can be expected to fall further toward the next support level 1953.00 (lower boundary of this resistance zone).

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