Gold Wave Analysis – 20 October, 2022

• Gold reversed from support level 1652.00

• Likely to rise to resistance level 1675.00

Gold recently reversed up from the key support level 1652.00 (which stopped the previous impulse wave (i) at the end of September), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1652.00 stopped the earlier short-term impulse waves (iii) and 3.

Given the oversold reading on the daily Stochastic, Gold can be expected to rise further toward the next resistance level 1675.00.