Gold Wave Analysis 20 November, 2020

• Gold reversed from support level 1850.00

• Likely to rise to 1900.00

Gold recently once again reversed up from the key support level 1850.00 (which has been reversing the price from August).

The support area near the support level 1850.00 was further strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse 5 from July.

Gold is likely to rise further toward the next resistance level 1900.00 (top of the previous minor correction (b) from the middle of November).