Gold Wave Analysis – 6 September, 2021

• Gold reversed from resistance area

• Likely to fall to support level 1800.00

Gold recently reversed down from the resistance area located between the pivotal resistance level 1832.00 (which has been reversing the price from the start of July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse (1) from May.

The downward reversal from this resistance area stopped the previous C-wave of the intermediate ABC correction (2).

Gold can be expected to fall further toward the next support level 1800.00 (former low of wave (ii) from the end of August).