Gold Technical Analysis Report 1 May, 2024
Gold can be expected to rise further toward the next resistance level 2350.00 (previous minor reversal high from the end of April).
– Gold reversed from support zone
– Likely to rise to resistance level 2350.00
Gold continues to rise after the earlier upward reversal from the support zone lying at the intersection of the key support level 2290.00 (which has been reversing the price from the start of April), lower daily Bollinger Band, upper trendline of the recently broken daily up channel from October (acting as the support after it was broken earlier). The upward reversal from this support zone is likely to form the daily Japanese candlesticks reversal pattern Doji, which can been seen as the bullish reversal signal for Gold by the gold traders.
Given the clear daily uptrend and the still oversold reading on the daily Stochastic indicator , Gold can be expected to rise further toward the next resistance level 2350.00 (previous minor reversal high from the end of April).
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