Gold Technical Analysis Report 22 May, 2024

Dmitry Chernovolov Market Analyst

Gold can be expected to fall further toward the next support level 2350.00, which stopped the previous minor correction ii.

– Gold reversed from key resistance level 2430.00

– Likely to fall to support level 2350.00

Gold recently reversed down from the resistance area set between the key resistance level 2430.00 (previous monthly high from April, as can be seen from the daily Gold chart below) and the upper daily Bollinger Band. The downward reversal from the resistance zone formed the daily Japanese candlesticks reversal pattern Shooting Star which stopped the previous impulse wave 3, which belongs to the higher order upward impulse sequence (3) from February.

Given the strength of the resistance level 2430.00 and the overbought daily Stochastic, Gold can be expected to fall further toward the next support level 2350.00, which stopped the previous minor correction ii.

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