Gold Wave Analysis 9 October 2024

– Gold broke the support zone

– Likely to fall support level 2580.00

Gold recently broke the support zone set between the support level 2625.00 (which stopped wave A at the end of September), the support trendline of the daily up channel from September and the 50% Fibonacci correction of the upward impulse from last month.

The breakout of this support zone accelerated the active impulse wave C of the ABC correction (4) from the end of last month.

Gold is expected to fall further to the next support level 2580.00, former resistance from September and the target for completing the active impulse wave i.