Technical analysis

Gold Wave Analysis – 2 May 2023

• 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).

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