Technical analysis

Gold Wave Analysis 10 November 2023

– Gold reversed from resistance level 1985.00

– Likely to fall to support level 1900.00

Gold recently reversed down from the key resistance level 1985.00 (which has been reversing the price from the middle of May) intersecting with the 61.8% Fibonacci correction of the downward impulse from May.

The downward reversal from the resistance level 1985.00 started the earlier short-term ABC correction 2.

Given the strength of the resistance level 1985.00, Gold can be expected to fall further toward the next round support level 1900.00.

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