Gold Wave Analysis – 1 August 2025

Gold: ⬆️ Buy

– Gold reversed from the support zone

– Likely to rise to the resistance level at 3450.00

Gold today reversed from the support zone between the support level 3272.00 (which has been reversing the price from the end of May), lower daily Bollinger Band and the 50% Fibonacci correction of the upward wave B from May.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern, Morning Star.

Given the clear daily uptrend and the oversold daily Stochastic, Gold can be expected to rise to the next resistance level at 3450.00 (top of waves B and ii).

Source: https://fxpro.news