Gold can be expected to rise further to the next resistance level 4600.00 – which reversed the price at the end of May.
- Gold resistance level 4400.00
- Likely to rise to resistance level 4600.00
Gold recently broke the resistance zone lying at the intersection of the resistance level 4400.00 (former strong support from May, which has been reversing the price from June) and the 50% Fibonacci correction of the previous sharp downward impulse wave C from the middle of April. The breakout of this resistance area accelerated the active short-term impulse wave (iii), that belongs to the impulse wave 3 from the middle of July.
Given the strength of the active impulse wave 3 and the strongly bullish sentiment that can be seen across the precious metal markets today, Gold can be expected to rise further to the next resistance level 4600.00 – which reversed the price at the end of May.
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