Technical analysis

Gold Wave Analysis 20 March 2024

– Gold reversed from key support level 2150.00

 – Likely to rise to resistance level 2197.00

Gold earlier reversed up from the key support level 2150.00 (former strong resistance, which stopped the earlier upward impulse wave (1) in December).

The upward reversal from the support level 2150.00 started the active impulse wave 3, which belongs to the intermediate impulse wave (3) from February.

Given the clear daily uptrend, Gold can be expected to rise further toward the next resistance level 2197.00, top of the previous impulse wave 1.

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