Gold Wave Analysis 18 January, 2021

• Gold reversed from pivotal support level 1820.00

• Likely to rise to 1860.00

Gold today reversed up from the pivotal support level 1820.00 (which has been repeatedly reversing the price from the start of December).

The upward reversal from the support level 1820.00 is likely to create the daily Japanese candlesticks reversal pattern Hammer – if gold closes today near the current levels.

Gold is expected to rise further in the active wave (b) toward the next resistance level 1860.00 (former support from the middle of December – which also reversed the price earlier this month).