• Gold reversed from support zone
• Likely to rise to resistance level 1830.00
Gold recently reversed up once again from the support zone lying between the pivotal support level 1782.30 (which has been repeatedly reversing the price from the middle of August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from the start of August. The upward reversal from this support zone stopped the previous intermediate ABC correction (2) from the start of this month.
Given the improvement in risk sentiment seen across the commodities markets today – Gold can be expected to rise further toward the next powerful resistance level 1830.00 (which has been steadily reversing the price from the start of July).