Categories: 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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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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