Gold: ⬆️ Buy
– Gold reversed from strong support level 3970.00
– Likely to rise to resistance level 4100.00
Gold recently reversed up from the support zone between the strong support level 3970.00 (which has been reversing the price from the end of June, stopping waves iii and v at the end of June and wave a in the middle of July), lower daily Bollinger Band and the support trendline of the daily down channel from the middle of September.
The upward reversal from this support zone completed the C-wave of the ABC correction (2) from the end of August.
Given the strength of the support level 3970.00 and the bullish divergence on the daily Stochastic oscillator, Gold can be expected to rise further toward the next resistance level 4100.00 – former strong support from the start of October.
, lower daily Bollinger Band and the support trendline of the daily down channel from the middle of September.){kind=link}