Technical analysis

Gold Wave Analysis 8 March 2024

– Gold broke key resistance level 2150.00  

– Likely to rise to resistance level 2200.00

Gold continues to rise strongly after breaking the key resistance level 2150.00 (which stopped wave A of the active ABC correction at the start of last December, as can be seen below).

The breakout of the resistance level 2150.00 accelerated the active short-term impulse waves iii and C.

Given the clear daily and the weekly uptrend, Gold can be expected to rise further toward the next resistance level 2200.00 (target price for the completion of the active impulse wave iii, coinciding with the daily up channel from last year).

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