Gold Wave Analysis – 7 April 2025

Gold: ⬆️ Buy

– Gold reversed from round support level 3000.00

– Likely to rise to resistance level 3100.00

Gold recently reversed up from the support area between the round support level 3000.00 (which stopped the earlier minor correction iv in the middle of March) and the lower daily Bollinger Band.

This support area was further strengthened by the support trendline of the daily up channel from January and by the 50% Fibonacci correction of the sharp upward impulse from February.

Given the strong uptrend on the daily and weekly charts, Gold can be expected to rise to the next resistance level 3100.00.