Gold Wave Analysis – 29 October, 2021

• 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)).