Gold Wave Analysis – 11 August, 2021

• Gold reversed from powerful support level 1680,00

• Likely to rise to resistance level 1760,00

Gold recently reversed up from powerful support level 1680,00 (which reversed the price twice sharply in March March) – standing well below the lower daily Bollinger band.

The upward reversal from the support level 1,1800 created the daily candlesticks reversal pattern Hammer, highlighted below.

Given the strength of the support level 1680,00, Gold can be expected to rise further toward the next resistance level 1760,00 (former support from the end of June).