Gold can be expected to rise further toward the next resistance level 2678,00, which stopped the previous waves (3) and B.
– Gold reversed from support zone
– Likely to rise to resistance level 2678,00
Gold recently reversed up from the support zone located at the intersection of the support level 2600.00 (former minor resistance from the middle of September, as you can see from the daily Gold chart below) and the 38.2% Fibonacci correction of the upward impulse 5 from the start of September. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which continues the active short-term correction ii, which is a part of the C-wave of the downward ABC correction (4) from the end of September.
Given the clear multi-month uptrend, Gold can be expected to rise further toward the next resistance level 2678,00, which stopped the previous waves (3) and B.
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