Gold Wave Analysis

  • Gold rising inside weekly impulse wave 3
  • Likely to rise to resistance level 2300.00

Gold rising inside the sharp weekly impulse wave 3, which recently broke the resistance trendline of the daily up channel from November.

The breakout of this up channel coincided with the breakout of the key resistance level 2200.00, which stopped the previous impulse wave 1.

Given the strong daily uptrend, Gold can be expected to rise further to the next resistance level 2300.00 (target for the completion of the active impulse wave 3).

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