Technical analysis

Gold Wave Analysis 20 September 2023

– Gold rising inside minor impulse wave 1

– Likely to reach resistance at 1985.00

Gold continues to rise inside the minor impulse wave 1, which reversed earlier from the upper trendline of the recently broken down channel from May.

The active impulse wave 1 belongs to the intermediate impulse wave (1) from the end of August.

Given the strong daily uptrend, Gold can be expected to break the next resistance at 1950.00 and to rise further toward the next resistance level 1985.00.

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