Gold Wave Analysis – 21 March 2023

• Gold under bearish pressure

• Likely to fall to support level 1900.00

Gold under the bearish pressure after the earlier downward reversal from the round resistance level 2000.00 (likely upward target set in our previous forecast for this precious metal) standing close to the upper weekly Bollinger Band.

The active downward reversal from the resistance level 2000.00 is similar to the earlier times when the initial contact with this price level is followed by the sharp downward correction.

Given the clear bearish divergence on the weekly Stochastic, Gold can then be expected to fall further toward the next support level 1900.00.