Technical analysis

Gold Wave Analysis 8 February, 2021

Gold Wave Analysis 8 February, 2021

• Gold reversed from support level 1805.00

• Likely to rise to resistance level 1875.00

Gold recently reversed up from the support level 1805.00 (which stopped the previous minor correction A in January as can be seen below).

The support area near the support level 1805.00 was strengthened by lower daily Bollinger Band and by the nearby key support level 1765.00 (former monthly low from November).

Gold is expected to rise further toward the next resistance level 1875.00 (top of the impervious minor waves (a) and B).

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