- 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).
