Categories: Technical analysis

Gold Wave Analysis – 24 April 2025

Gold: ⬆️ Buy

– Gold reversed from support area

– Likely to rise to resistance level 3500.00

Gold recently reversed up from the support area between the upper trendline of the daily up channel from January and the 38.2% Fibonacci correction of the upward impulse 3 from last month.

The upward reversal from this support area stopped the previous minor downward correction 4 which started earlier from the key resistance level 3500.00.

Given the strong daily uptrend, Gold can be expected to rise in the active impulse wave 5 toward the next resistance level 3500.00.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: gold

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