Gold Wave Analysis 6 May 2024

– Gold reversed from support zone

– Likely to rise to resistance level 2400.00

Gold recently reversed up from the support zone lying between the support level 2300.00, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 2300.00 stopped the previous intermediate ABC correction (4).

Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2400.00, which reversed the price twice in April.