Gold Technical Analysis 1 October, 2021

• Gold reversed from support zone
• Likely to rise to resistance level 1780.00

Gold continues to rise after the price reversed up from the support zone located between the multi-month support level 1720.00 (which has been reversing the price from the start of August) and the lower daily Bollinger Band. The upward reversal from this support zone created the clear bullish candlesticks reversal pattern Morning Star – similar to the same pattern Gold formed near this price area in August .

Given the strength of the aforementioned support zone and the renewed safe-haven demand for gold, Gold can be expected to rise further toward the next resistance level 1780.00 (former strong support from last month and the target for the completion of the active wave (ii)).

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