Technical analysis

Gold Wave Analysis – 19 May 2023

• Gold reversed from support level 1960.00

• Likely to rise to resistance level 2000.00

Gold recently reversed up from the key support level 1960.00 (former monthly high from February which has been reversing the price from March).

The upward reversal from the support level 1960.00 is currently forming the daily candlesticks reversal pattern Bullish Engulfing.

Given the prevailing uptrend, Gold can be expected to rise further toward the next round resistance level 2000.00.

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