Gold Wave Analysis 1 October 2024

– Gold reversed from support level 2625.00

– Likely to rise to resistance level 2685.00

Gold recently reversed up from the support level 2625.00 intersecting with the upper trendline of the daily up channel from July (acting as the support after it was broken in September).

The upward reversal from the support level 2625.00 continues the active short-term impulse wave 5 of the higher order impulse wave (5) from last year.

Given the overriding daily uptrend, Gold can be expected to rise further to the next resistance level 2685.00 (top of the previous impulse wave i).