Gold Technical Analysis Report 16 February, 2024

Gold’s rebound from 1990.00 support suggests an upward move to 2020.00 resistance amid bullish sentiment.

– Gold reversed from support area

– Likely to rise to resistance level 2020.00

Gold recently reversed up from the support area located between the key support level 1990.00 (which formed the daily Morning Star Doji reversal pattern at the start of December), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse (1) from October. The upward reversal from the support level 1990.00 created the daily Doji candlesticks reversal pattern which marked the end of the previous short-term ABC correction 2 from December.

Given the strength of the support level 1990.00, still oversold daily Stochastic and the widespread bullish sentiment that can be seen across the precious markets today – Gold can be expected to rise further toward the next resistance level 2020.00 (former support from the end of January).