Gold Wave Analysis – 28 August, 2020

• Gold rising inside daily up channel

• Likely to rise to 2000.00

Gold recently reversed once again from the support trendline of the wide daily up channel from March (like it did earlier this month).

The support zone near this support trendline was strengthened by the lower daily Bollinger band and by the 38.2% Fibonacci correction of the upward impulse (1) from June.

Gold is expected to rise further toward the next resistance level 2000.00 (top of the previous short-term impulse wave 1).