Gold Wave Analysis 6 November 2024

– Gold broke support area

– Likely to fall to support level 2600.00

Gold recently broke the support area located at the intersection of the support level 2680.00 (former monthly high from September), support trendline of the daily up channel from September and the 61.8% Fibonacci correction of the upward impulse 1 from the start of October.

The breakout of this support area accelerated the active minor ABC correction from the end of November.

Gold can be expected to fall further to the next support level 2600.00 (which stopped the previous intermediate correction (4) in October).