Gold Technical Analysis 9 November, 2021

• Gold broke resistance area
• Likely to rise to resistance level 1840.00

Gold continues to rise after the price broke the resistance area located between the key resistance level 1800.00 (which has been reversing the price from the start of September) and the 38.2% Fibonacci correction of the downward correction from the end of May, as can be seen below. The breakout of the resistance level 1800.00 accelerated the active short-term corrective wave (ii), which belongs to the higher order impulse wave 3 form last month.

Given the strengthening safe-haven inflows into gold, Gold can be expected to rise further toward the next resistance level 1840.00 (target price for then completion of the active corrective wave (ii)).

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