Gold Wave Analysis 9 March, 2021

• Gold reversed from long-term support level 1680.00

• Likely to reach resistance level 1761.00

Gold recently reversed up from the long-term support level 1680.00, which has been reversing the price from last April July as can be seen from the daily Gold chart below.

The support zone near the support level 1680.00 was strengthened by the lower daily Bollinger Band.

Given the strength of the support level 1680.00 and the oversold daily Stochastic – Gold is likely to rise further toward the next resistance level 1761.00 (former support from November and February).