Gold Wave Analysis 24 November, 2020

• Gold broke support zone

• Likely to fall to 1763.00

Gold recently broke the support zone located at the intersection of the powerful support level 1850.00 and the Fibonacci cluster made out of the 38.2% and 61.8% Fibonacci retracement levels of the previous upward impulses from June and March.

The breakout of this support zone accelerated the active minor impulse wave (iii), which belongs to wave C from the start of November.

Gold is likely to fall further toward the next support level 1763.00 (target price for the completion of the impulse wave (iii) and the price of the support trendline of the daily down channel from August).