• Gold reversed from support zone
• Likely to test resistance level 1800.00
Gold recently reversed up from the support area located between the key support level 1760.00(which has been reversing the price from the middle of October, as can be seen from the daily Gold chart below) and the 61.8% Fibonacci correction of the previous ABC correction 2 from the start of September. The upward reversal from this support zone stopped the previous short-term impulse wave (iii).
Given the strength of the aforementioned support zone and the improvement in safe-haven demand for gold, Gold can be expected to rise further toward the next round resistance level 1800.00.