Technical analysis

Gold Wave Analysis 9 August 2023

– Gold broke support trendline from November

– Likely to fall to support level 1900.00

Gold previously broke the support trendline from last November, which accelerated the c-wave of the active ABC correction 2.

The active c-wave started earlier from the key resistance level 1980.00, former strong support from April – which has been reversing gold for the last few weeks.

Gold can be expected to fall further toward the next support level 1900.00 (target price for the completion of the active c-wave, monthly low from June).

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