Gold Wave Analysis – 2 May 2023
May 02, 2023 @ 20:02 +03:00
• Gold reversed from key support level 1970.00
• Likely to rise to resistance level 2050.00
Gold earlier reversed up sharply from the key support level 1970.00, standing close to the 38.2% Fibonacci correction of the upward impulse from March.
The upward reversal from the support level 1970.00 started the active short-term impulse wave 3.
Given the clear daily uptrend, Gold can be expected to rise further toward the next resistance level 2050.00 (top of the previous impulse wave 1).