Gold Wave Analysis 18 November 2024

– Gold reversed from key support level 2550.00

– Likely to rise to resistance level 2650.00

Gold recently reversed up from the support zone located between the key support level 2550.00 (which also reversed the price in the middle of September), standing close to the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from July.

The upward reversal from the support level 2550.00 stopped the previous intermediate ABC correction (4) from the end of September.

Given the clear daily uptrend, Gold can be expected to rise to the next resistance level 2650.00 (former support from the start of November).