Gold Wave Analysis – 06 August, 2020

• Gold rising inside weekly impulse waves 3 and (3)

• Likely to rise to 2100.00

Gold has been rising strongly in the last few trading sessions – breaking through key resistance levels 1900.00 and 2000.00 – and also through the sharp weekly up channel from March.

Multiple breakouts of the resistance levels accelerated the active weekly nested impulse waves 3 and (3).

Given the sharp increase in the daily and intraday Momentum – Gold is likely to rise further toward the next resistance level 2100.00.