– Gold reversed from support level 2300.00
– Likely to rise to resistance 2385.00
Gold recently reversed up from the pivotal support level 2300.00 (which stopped the previous waves A, (4) and ii, as can be seen below).
The support level 2300.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from March.
Given the clear daily uptrend and the still oversold daily Stochastic, Gold be expected to rise further to the next resistance 2385.00, top of the previous correction b.
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