Gold Wave Analysis – 24 May, 2022

• Gold broke resistance level 1855.00
• Likely to test resistance level 1900.00

Gold continues to rise after the earlier breakout of the resistance level 1855.00 (former support from the start of May) and the 50% Fibonacci correction of the downward impulse from last month.

The breakout of the resistance level 1855.00 should accelerate the active impulse waves 1 and (C).

Gold can be expected to rise further toward the next resistance level 1900.00 (former support from the middle of March).