Gold recently reversed up from the support area lying between the support level 1500.00 (which was set as the likely downward target in our previous forecast for this instrument), lower Bollinger Band, upper trendline of the
weekly up channel from 2016 and the 38.2% Fibonacci correction of the previous upward impulse (iii) from the start of August. The upward reversal from the aforementioned support area started the active short-term corrective wave (b) of the minor ABC wave (iv) from the start of September. Gold is likely to remain under bullish pressure and will, most probably, continue to rise toward the next key resistance level 1555.00 (top of the previous daily Evening Star from the start of this month).