Technical analysis

Gold Wave Analysis – 30 March 2023

• Gold reversed from key support level 1950.00

• Likely to rise to resistance level 2000.00

Gold recently reversed up from the key support level 1950.00 (former strong resistance from January and February).

The upward reversal from the support level 1950.00 forms the 3rd consecutive upward reversal pattern Piercing Line – pointing toward the higher probability of further gains.

Given the clear uptrend Gold can then be expected to rise further toward the next round resistance level 2000.00 – from where the price is likely to correct down.

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