Gold Is Coming Into Strong Support Area
Nov 19 2020
Gold is in consolidation mode since August, but we see price now approaching strong technical support. The daily technical chart is showing us that gold always breaks 100SMA before the uptrend resumes and if we consider the same wavelength as in March, then we should keep an eye on support around 1800 level.
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Gold Technical, Daily
If we take a look at the 4h chart and its wave structure from the Elliott Wave perspective, we can see a bigger, bearish triangle pattern in wave B of a higher degree wave IV), so watch out for another decline to projected support around 1800 level for a wave C, ideally once the final wave E of B fully unfolds.
We believe that gold may find support somewhere at the end of the year, which means that we can expect a bullish continuation back to the highs for a wave V) at the end of 2020 or at the beginning of 2021.
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