Gold Wave Analysis – 2 October, 2019

• Gold reversed from support area
• Likely to rise to 1557.00

Gold recently reversed up from the support area lying between the support level 1453.00 (former monthly top from July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous impulse wave 1 from May.

If the price closes today near the active levels it will form the daily reversal pattern Morning Star.

Gold is expected to rise further and retest the next resistance level 1557.00 (top of the previous impulse wave 1 from September).