Gold Wave Analysis – 23 November, 2021

• Gold broke support zone

• Likely to fall to support level 1760.00                                                                      

Gold recently broke the support zone lying between the round support level 1800.00 and the 38.2% Fibonacci correction of the upward impulse form August.

The breakout of this support area accelerated the active short-term corrective wave (iv) form the major resistance level 1860.00.

Gold can be expected to fall further toward the next support level 1760.00 (low of the previous short-term correction (ii)).