• Gold reversed from support area
• Likely to rise to resistance level 1826.90
Gold continues to rise steadily after the price reversed up from the combined support area lying between the key support level 1767.50 (former resistance from May), lower weekly Bollinger band and the 50% Fibonacci correction of the previous upward impulse from the start of this year. The upward reversal from this support area stopped the previous impulse waves 1 and (C).
Given the clear uptrend that can be seen on the daily and the weekly Gold charts and the still oversold reading on the weekly Stochastic indicator – the price is likely to rise further toward the next round resistance level 1826.90. Strong support remains at the support level 1767.50.