Gold Wave Analysis – 12 August, 2020

• Gold reversed from support level 1900.00

• Likely to rise to 2000.00

Gold recently reversed up from the round support level 1900.00, intersecting win the 50% Fibonacci correction of the previous upward impulse from June.

The support zone near the support level 1900.00 was further strengthened by the support trendline of the daily up channel from March (the last correction started from the top of this up channel).

Given the predominant daily uptrend, Gold is likely to rise further toward the next resistance level 2000.00.