Gold Wave Analysis 28 September, 2020

• Gold approached support level 1865.00

• Likely to fall to 1800.00

Gold recently broke the key support level 1905.00 (low of the previous corrections B and D) and is currently trading near the powerful support level 1865.00 (low of the sharp monthly correction (A) from August).

The support level 1865.00 is also interesting with the daily lower Bollinger Band and the 50% Fibonacci correction of the upward impulse from June.

If the price breaks below the support level 1905.00 – Gold can then fall to the next meaningful support at 1800.00. In the alternative scenario – the price is likely to re-test the resistance at 1900.00.