Given the strong daily uptrend and the strong demand for gold on renewed USA-Iran conflict probability, Gold can be expected to rise further toward the next round resistance level 5000.00, which if broken will open the way to the next resistance level 5200.00.
- Gold reversed from support area
- Likely to rise to resistance level 5000.00
Gold recently reversed up from the support area located between the major pivotal support level 4540.00 (which stopped previous impulse wave 3 in December and the minor correction iv in January, as can be seen from the daily Gold chart below), 20-day moving average and the 61.8% Fibonacci correction of the sharp upward impulse from October. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer – which stopped the previous minor correction ii. The active wave ii belongs to the impulse wave 5 of the sharp upward impulse wave (5) from October.
Given the strong daily uptrend and the strong demand for gold on renewed USA-Iran conflict probability, Gold can be expected to rise further toward the next round resistance level 5000.00, which if broken will open the way to the next resistance level 5200.00.
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