Gold Wave Analysis – 5 May 2023

• Gold reversed from resistance level 2050.00

• Likely to fall to support level 1970.00

Gold recently reversed down strongly from the resistance level 2050.00 (which stopped the previous impulse wave 1 in April, upward target set in our earlier forecast for gold).

The downward reversal from the resistance level 2050.00 created the strong downward reversal pattern Shooting Star.

Given the bearish divergence on the daily Stochastic, Gold can be expected to fall further toward the next support level 1970.00 (which stopped two of the earlier corrections – 2 and (ii)).