Gold Wave Analysis – 4 November, 2022

• Gold reversed from strong support level 1625.00

• Likely to rise to resistance level 1700.00

Gold recently reversed up from the strong support level 1625.00 (which has been reversing the price from the end of September) – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1625.00 started the active short-term correction (ii).

Given the bullish divergence on the daily Stochastic indicator, Gold can be expected to rise further toward the next resistance level 1700.00, coinciding with the resistance trendline of the daily down channel from May.