Technical analysis

Gold Wave Analysis – 5 June 2023

– Gold reversed from support level 1940.00

– Likely to rise to resistance level 1985.00

Gold recently reversed up from the key support level 1940.00 (which also stopped the previous wave 2 in the middle of March) standing near the lower daily Bollinger Band.

The upward reversal from the support level 1940.00 started the active B-wave of the intermediate ABC correction (2) from the start of May.

Given the predominant uptrend, Gold can be expected to rise further toward the next resistance level 1985.00 (former multi-day support April).

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