Gold Technical Analysis Report 5 August, 2021

• Gold reversed from resistance area
• Likely to fall to support level 1790.00

Gold recently reversed down from the resistance area located between the pivotal resistance level 1830.0 (which stopped the previous waves (1) and 1 as can be seen below), upper Daily Bollinger Band and the 50% Fibonacci correction of the downward ABC correction from the end of May. The downward reversal from this resistance area started the active minor corrective wave 2.

Given the strength of the aforementioned resistance area, Gold can be expected to fall further toward the next support level 1790.00 (which stopped the previous minor corrections A and (2), also the target price for the completion of the active wave 2).

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