Gold Wave Analysis – 15 May, 2024

• Gold broke daily down channel

• Likely to reach resistance level 2415.00

Gold recently broke the resistance trendline of the narrow daily down channel from April, which enclosed the previous ABC correction (4).

The breakout of this down channel accelerated the active intermediate impulse wave (5) – which belongs to the higher order impulse sequence from October.

Given the predominant daily uptrend, Gold can be expected to rise further toward the next resistance level 2415.00, which reversed the price twice in April.