Gold Technical Analysis For Today October 11, Will it Rise Further?

Gold Technical Analysis For Today October 11, Will it Rise Further?

Gold just reversed up from the support zone formed by the intersection of the support level 2600.00 (previous minor resistance from the middle of September, as shown on the daily Gold chart below) and the 38.2% Fibonacci correction of the upward impulse 5 from the beginning of September.

The upward reversal from this support zone resulted in the daily Japanese candlesticks reversal pattern Bullish Engulfing, which extends the active short-term correction ii, which is a component of the C-wave of the downward ABC correction (4) that began in late September.

Given the evident multi-month uptrend, Gold is projected to increase higher to the next resistance level, 2678,00, which stopped the previous waves (3) and B.

XAU/USD Source: FinanceFeed

Conclusion

Gold’s recent bounce from the support zone at 2600.00, reinforced by the 38.2% Fibonacci level, suggests strong technical support for the precious metal, aligning with the broader multi-month uptrend. The appearance of the Bullish Engulfing candlestick pattern indicates potential for a continuation of the upward move, signaling investor confidence in the near-term price recovery.

This upward momentum is expected to carry Gold toward the 2678.00 resistance level, which previously halted earlier upward movements, supporting the outlook for further gains within the ongoing corrective wave structure.

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