Gold Technical Analysis Report 24 November, 2020

  • Gold broke powerful support level 1850.00
  • Likely to fall to 1800.00

Gold recently broke the support zone located between the powerful support level 1850.00 (which has been repeatedly reversing Gold from the start of August) and the 50% Fibonacci retracement of the previous sharp upward impulse wave C from the start of June. The breakout of the support level 1850.00 further accelerated the active strong downward impulse wave C from the start of November.

Given the latest breakout of the key support level 1850.00 (which is now acting as the strong overriding resistance level which should limit all future upward corrections) – Gold is expected to fall further toward the next round support level 1800.00 (former support from July and the target price for the completion of the active minor impulse wave (iii)).

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