Technical Analysis: Gold
Gold managed to rebound towards a record high as the advance wave is still ongoing.
As we see over the Intraday chart, the market is facing the first support at the 4022-25 zone, which could move prices toward 4085, causing some potential profit taking.
Below 4022 more of a drop could hit the market with the second support at 4000, which could activate the advance wave again.
Below 4000, more of a drop toward 3965 could hit the market. The previous support at 3945 could keep the chance for the advance wave to move higher again.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 4022-25 | 4059 |
| LEVEL2 | 4000 | 4085 |
| LEVEL3 | 3945 | 4105 |
More By This Author:
Intraday Analysis - Monday, Oct. 13Dollar Keeps Driving As Index Heads To $100
Intraday Analysis - Friday, Oct. 10
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