Gold Wave Analysis – 10 November, 2022

• Gold broke key resistance level 1725.00

• Likely to rise to resistance level 1765.00

Gold recently broke the key resistance level 1725.00 (previous monthly high from September and October).

The breakout of the resistance level 1725.00 was preceded by the breakout of the daily down channel from the start of May – which accelerated the active impulse wave (c).

Gold can be expected to rise further toward the next resistance level 1765.00 (target for the completion of the active correction (ii)).