Categories: Technical analysis

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)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: gold

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