• Gold reversed from support zone
• Likely to rise to resistance level 1795.00
Gold recently reversed up with the daily Piercing Line reversal pattern from the support zone lying between the key support level 1760.00 (former low of wave (4) from the end of April) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous sharp downward impulse wave (3) from the middle of June.
Given the clear uptrend that can be seen on the daily Gold charts – the price can be expected to rise further toward the next resistance level 1795.00 (which reversed the price at the end of June) – ahead of the round resistance level 1800.00.