Gold can be expected to rise toward the next key resistance level 3500.00 (which stopped the previous impulse wave 3 in the middle of April).
- Gold reversed from support area
- Likely to rise to resistance level 3500.00
Gold recently reversed up from the support area between the pivotal support level 3170.00 (previous strong resistance from the start of August , which stopped the previous impulse wave iii at the start of April, as can be seen from the daily Gold chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous corrective wave a – which belongs to the short-term ABC correction 4 from the middle of April. This correction is belongs to the sharp multi-month upward impulse sequence (5) from last November.
Given the predominantly bullish uptrend on the daily and the weekly charts as well as the strong safe haven inflows into gold, Gold can be expected to rise toward the next key resistance level 3500.00 (which stopped the previous impulse wave 3 in the middle of April).
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.