Gold Wave Analysis 5 December 2023

– Gold reversed from multi-year resistance level 2065.00

– Likely to fall to support level 1900.00

Gold recently reversed down from the major multi-year resistance level 2065.00, which has been reversing the price from the middle of 2020, as can be seen below.

The resistance level 2065.00 was strengthened by the upper daily and the weekly Bollinger Bands.

Given the strength of the resistance level 2065.00 (which was never broken on a closing basis over the last few years) and the overbought weekly Stochastic, Gold can be expected to fall further to the next round support level 2000.00 – the breakout of which can lead to further losses to 1900.00.