Technical analysis

Gold Wave Analysis 8 January, 2021

Gold Wave Analysis 8 January, 2021

• Gold reversed from resistance level 1965,00

• Likely to fall to 1828,00

Gold recently reversed down from the pivotal resistance level 1965,00 (which has been reversing the price from September) standing close to the upper daily Bollinger Band and the 61,8% Fibonacci correction of the downward correction from August.

The downward reversal from the resistance level 1965,00 created the daily Japanese candlesticks reversal pattern Evening Star.

Gold is expected to fall further toward the next support level 1828,00 (low of wave (2) from December and the target price for the completion of the active wave 2).

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