Gold Technical Analysis 5 October, 2021

• Gold reversed from resistance zone
• Likely to rise to support level 1720.00

Gold continues to fall after the price reversed down from the resistance zone lying at the intersection of the key resistance level 1770, 20-day moving average and the 50% Fibonacci correction of the sharp downward impulse wave C from the middle of September. The downward reversal from this resistance zone stopped the earlier intermediate impulse wave (3).

Given the falling safe-haven inflows into gold lately, Gold can be expected to fall further toward the next support level 1720.00 (low of the previous intermediate ABC correction (2) from the end of September, as can be seen from the daily Gold chart below).

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