Gold Wave Analysis – 13 August, 2019

• Gold broke resistance level 1500.00
• Further gains are likely

Gold recently broke above the key resistance level 1500.00 (which was set as the likely upward target in our earlier forecast for this instrument).

The breakout of this resistance level accelerated the active short-term impulse wave 5 – which belongs to the medium-term impulse wave (C) from the start of May.

Gold is expected to rise further and retest the next resistance level 1580.00 (target price for the completion of the active impulse wave (C)).