Gold Technical Analysis 5 November, 2021

• Gold reversed from support zone
• Likely to rise to resistance level 1805.00

Gold recently reversed up with the daily Bullish Engulfing from the combined support zone lying between the pivotal support level 1760.00 (low of wave (b) from the middle of October, as can be seen from the daily gold chart below) and the 50% Fibonacci correction of the upward impulse from the end of September. The upward reversal from this support zone started the active short-term corrective wave (ii).

Given the strength of the aforementioned support zone, Gold can be expected to rise further toward the next resistance level 1805.00 (which has been reversing the price from the start of September).

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