Gold can be expected to rise further to the next resistance level 4400.00 (former top of wave iv from the start of June and the target for the completion of wave 3).
- Gold broke resistance area
- Likely to rise to resistance level 4400.00
Gold recently broke the resistance area between the key resistance level 4200.00 (former multi-month support from March, which has been reversing the price from the start of July, as can be seen from the daily Gold below) and the resistance trendline of the daily Triangle from June. The breakout of this resistance area accelerated the active upward impulse wave 3 that belongs to the intermediate impulse wave (C) from the end of June.
Given the strength of the active impulse waves 3 and (3) and the risk-on sentiment seen across the precious metal markets today, Gold can be expected to rise further to the next resistance level 4400.00 (former top of wave iv from the start of June and the target for the completion of wave 3).