Gold broke resistance level 1260.00

• Gold broke resistance level 1260.00
• Further gains are likely

Gold recently broke the resistance level 1260.00 (which was set as the likely upward target in our earlier report for this pair) – intersecting with the resistance trendline of the daily up channel from August.

FxPro analyst said that the breakout of the resistance level 1260.00 should accelerate the active short-term impulse wave (c) of the ABC correction 2 from August.

Gold is expected to rise further and re-test the next resistance level 1300.00 (target price for the completion of the active impulse wave 3).

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