LeoPrime Daily Market Analysis

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GOLD reversed from 1480.00 support area. Likely to test resistance level 1510.00

Gold recently reversed up from the support area lying between the pivotal support level 1480.00 (which has been reversing the price from the middle of August), lower daily Bollinger Band, 50% Fibonacci retracement of the earlier upward impulse wave 3 from August and the upper trendline of the weekly up channel from 2018 (acting as support after it was broken in August). The upward reversal from the aforementioned support area started the active impulse wave (c). With the daily Stochastic still in the oversold territory – Gold is set to rise further from the current levels and test the nearby resistance level 1510.00 (top of the previous short-term correction (a)).

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