Gold Technical Analysis 29 October, 2021

• Gold reversed from resistance zone
• Likely to test support level 1764.00

Gold recently reversed down from the resistance zone lying between the pivotal resistance level 1806.00 (which has been reversing this currency pair from the middle of September), upper daily Bollinger Band and the 50% Fibonacci correction of the extended downward impulse from the start of June. The downward reversal from the resistance level 1806.00 started the active short-term ABC correction (ii).

Given the strength of the aforementioned resistance zone, Gold can be expected to fall further toward the next support level 1764.00 (top of the correction 2 and the target for the completion of the active wave (i)).

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