Technical analysis
Gold Wave Analysis – 29 October, 2021
October 29, 2021 @ 18:28 +03:00
![Gold Wave Analysis – 29 October, 2021 Gold Wave Analysis – 29 October, 2021](https://fxpro.news/wp-content/uploads/2019/12/Gold5.jpg)
• Gold reversed from resistance level 1806.00
• Likely to fall to support level 1760.00
Gold recently reversed down sharply from the key resistance level 1806.00 (which has been reversing the price from the start of September) – strengthened by the upper daily Bollinger Band.
The downward reversal from the resistance level 1806.00 started the active short-term corrective wave (ii).
Given the safe haven outflows from gold, Gold can be expected to fall further toward the next support level 1760.00 (low of wave 2 and the likely end for the active correction (ii)).
![](https://fxpro.news/wp-content/uploads/2021/10/xauusd-primary-analysis-oct-29-1802-pm-1-day-1024x479.png)