Gold Wave Analysis 3 January 2024

– Gold reversed from resistance level 2075.00

– Likely to fall to support level 2016.00

Gold recently reversed down from the strong multi-month resistance level 2075.00 (which also stopped the earlier uptrend in March of 2023, as can be seen below).

The downward reversal from the resistance level 2075.00 stopped the earlier minor impulse wave iii.

Given the strength of the resistance level 2075.00 and the strongly bullish USD sentiment, Gold can be expected to fall further to the next support level 2016.00 (low of the previous correction ii).