Gold Wave Analysis – 3 July, 2020

• Gold reversed from support level 1760.00

• Likely to rise to 1790.00

Gold recently reversed up from the support level 1760.00 (former resistance level which stopped the earlier impulse wave 1 in the middle of May).

The upward reversal from the from the support level 1760.00 is aligned with the active 3 different-size nested impulse waves – (iii), 3 and (3) – as can be seen below. Gold is set to rise further toward the next resistance level 1790.00 (top of the previous daily Bearish Engulfing from the end of June).