Gold Technical Analysis Report 12 February, 2024

Dmitry Chernovolov Market Analyst

Gold can be expected to fall toward the next support level 1980.00 (previous monthly low from the end of last year).

– Gold reversed from long-term resistance level 2070.00

– Likely to fall to support level 1980.00

Gold previously reversed down from the major, long-term resistance level 2070.00, which has been steadily reversing the price from the middle of 2020, as can be seen from the monthly Gold chart below. The resistance level 70.00 was further strengthened by the upper monthly, weekly and the daily Bollinger Bands – making a powerful resistance cluster which is very difficult to break. The downward reversal from the resistance level 2070.00 stopped the earlier intermediate impulse wave (1).

Given the strength of the resistance level 2070.00 and the widespread risk on sentiment seen across the markets today – Gold can be expected to fall further toward the next support level 1980.00 (previous monthly low from the end of last year).

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