Gold can be expected to rise to the next resistance level 5400.00 (which stopped the previous impulse wave 5 at the end of January).
- Gold broke resistance level 5100.00
- Likely to rise to resistance level 5400.00
Gold recently broke the resistance level 5100.00 (which stopped the previous minor impulse wave 1 earlier this month, as can be seen from the daily Gold chart below). The breakout of the resistance level 5100.00 accelerated the active short-term impulse wave 3, which belongs to the intermediate impulse wave (3) from the end of January. The active impulse wave (3) itself belongs to the primary upward impulse wave 3 from the end of October.
Given the strong mufti-month uptrend and increasing safe-haven demand, Gold can be expected to rise to the next resistance level 5400.00 (which stopped the previous impulse wave 5 at the end of January).
Gold Technical Analysis
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