Technical analysis

Gold Wave Analysis 9 April, 2021

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.

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