Technical analysis

Gold Wave Analysis 9 October, 2020

Gold Wave Analysis 9 October, 2020

• Gold rising inside impulse wave 3

• Likely to reach 1920.00

Gold continues to rise inside the short-term impulse wave (i) belonging to the intermediate upward impulse sequence (3) from the end of September.

The price today broke the resistance trendline of the daily Falling Wedge chart pattern from the start of August – which should add to the bullish pressure on gold.

Gold is likely to rise further toward the next resistance level 1920.00 (top of the previous impulse wave 1 from the end of September) – followed by 1965.00 (target for the completion of the active impulse wave (i)).

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