Gold Wave Analysis 8 July 2024

– Gold reversed from resistance level 2400.00

– Likely to fall to support level 2325.00

Gold today reversed down with the Bearish Engulfing from the key resistance level 2400.00 (which reversed the price at the start of June).

The resistance level 2400.00 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous downward correction (4) from the middle of May.

Given the strength of the resistance level 2400.00 and the overbought daily Stochastic, Gold can be expected to fall to the support level 2325.00.