Gold recently reversed up from the support zone lying between the key support level 1550.00 (former strong resistance from August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse wave 1.
The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the longer-term upward impulse waves 3 and (3).
Gold is likely to rise further toward the next round resistance level 1600.00 (top of the previous impulse wave (i)).
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