Gold Technical Analysis Report 10 November, 2020

  • Gold reversed from key support level 1850.00
  • Likely to rise to 1950.00

Gold recently reversed up from the key support level 1850.00 (which previously reversed the price twice – in August and September, as can be seen below) intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the multi-month upward impulse wave from the middle of March. The upward reversal from the support level 1850.00 stopped the previous minor corrective wave (ii) from the start of November.

Given the multi-month uptrend, the strength of the support area surrounding the support level 1850.00 and the growing risk-off sentiment across the global markets – Gold is expected to rise further toward the next resistance level 1950.00 (which stopped the previous short-term impulse wave (i) at the start of November).

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