Gold Wave Analysis – 24 November, 2022


• Gold reversed from the support level 1727.00

• Likely to rise to resistance level 1782.80

Gold recently reversed up with the daily Morning Star from the pivotal support level 1727.00 (former monthly high from September and October, as can be seen below) – standing near the 38.2% Fibonacci correction of the upward impulse from the start of November.

The upward reversal from the support level 1727.00 started the active intermediate corrective wave (B).

Gold can be expected to rise further toward the next resistance level 1782.80 (which reversed the price earlier this month).

Source: Fxpro

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