Gold can be expected to rise to the next resistance level 4200.00 (which stopped the previous impulse wave i).
- Gold reversed from support area
- Likely to rise to resistance level 4200.00
Gold recently reversed up from the support area located between the long-term support level 3950.00 (which has been reversing the price from last November, 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 earlier minor ABC correction ii of the intermediate impulse wave (1) from the end of June. This intermediate impulse wave (1) is itself a part of the longer-term upward impulse wave 1 from the end of last month.
Given the strength of the support level 3950.00 and the bullish divergence on the daily Stochastic indicator, Gold can be expected to rise to the next resistance level 4200.00 (which stopped the previous impulse wave i).
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