Gold Technical Analysis Report 12 June, 2024

Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.

– Gold reversed from support level 2290.00

– Likely to rise to resistance level 2385.00

Gold recently reversed up from the support area located between the pivotal support level 2290.00 (which has been reversing the pair from the start of April, as can be seen below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from February. The upward reversal from this support area stopped the previous C-wave of the intermediate ABC correction (4) from the middle of May.

Given the strength of the support level 2290.00 and the prevailing daily uptrend, Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.

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