Gold can be expected to rise to the next resistance level 3400.00 – the breakout of which can lead to further grains toward the next resistance level 3500.00.
- Gold reversed from support area
- Likely to rise to resistance level 3400.00
Gold recently reversed up from the support area between the round support level 3300.00, upper trendline of the recently broken up channel from February (acting now as the support now after it was broken earlier this month) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of April. The upward reversal from this support area stopped the earlier short-term downward corrective wave iv, which belongs to impulse wave 5 of the extended upward impulse sequence (C) from November of 2024.
Given the predominant uptrend that can be seen on the daily and the weekly gold charts, Gold can be expected to rise to the next resistance level 3400.00 – the breakout of which can lead to further grains toward the next resistance level 3500.00.
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