Gold Wave Analysis 23 August 2024

– Gold reversed from key support level 2475.00

– Likely to rise to resistance level 2535.00

Gold just reversed up from the key support level 2475.00 (former strong resistance which stopped the previous impulse waves (i) and i) coinciding with the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of August.

The upward reversal from the support level 2475.00 started the sub-impulse wave v of the higher impulse waves 3 and (3).

Given the clear daily uptrend, Gold can then be expected to rise to the next resistance level 2535.00 (top of the previous impulse wave iii).