Gold Wave Analysis – 23 April, 2020

• Gold reversed from support area
• Likely to rise to 1746.00

Gold continues to rise after the earlier upward reversal from the support area lying between the pivotal support level 1660.00 and the 50% Fibonacci retracement of the previous upward impulse (i).

The upward reversal from this support area created the daily candlestick reversal pattern Hammer – which started the active wave (b).

Gold is expected to rise further toward the next resistance level 1746.00 (top of the previous impulse wave (i)).