Gold Wave Analysis – 27 April, 2020

• Gold reversed from key resistance level 1740.00
• Likely to fall to 1700.00

Gold recently reversed down from the key resistance level 1740.00 (which has been reversing the price from the start of April).

The resistance zone near the resistance level 1740.00 was strengthened by the upper daily Bollinger Band.

Gold is expected to fall further toward the next round support level 1700.00 – the breakout of which can lead to further losses toward 1660.00 (low of the previous wave 2).