Categories: Technical analysis

Gold Wave Analysis 9 April, 2021

• Gold reversed from key resistance level 1757.00

• Likely to fall to support level 1720.00

Gold recently reversed down from the key resistance level 1757.00 (top of the previous wave (a)), intersecting with the upper daily Bollinger Band and 38.2% Fibonacci correction of the downward impulse from February.

The downward reversal from the resistance level 1757.00 stopped the previous short-term impulse wave (c).

Gold is likely to fall further in the active impulse wave (C) toward the next support level 1720.00.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: gold

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