Gold Wave Analysis – 29 April, 2022

• Gold reversed from support zone
• Likely to rise to resistance level 1940.00

Gold recently reversed up from the support zone located between the support levels 1900.00 and 1800.00.

This support zone is strengthened by the lower daily Bollinger Band by the 61.8% Fibonacci correction of the upward impulse from the middle of December.

Gold can be expected to rise further toward the next resistance level 1940.00 (target price for the completion of the active correction (ii)).