Technical analysis

Gold Wave Analysis 30 January 2024

– Gold reversed from resistance level 2016.00

– Likely to rise to resistance level 2085.00

Gold recently reversed up from the key resistance level 2016.00, which stopped the previous corrections (a) and 2.

The resistance level 2016.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from November.

Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2085.00 (top of the previous impulse wave 1 from the end of December).

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