Gold under bullish pressure after the earlier breakout of the resistance zone lying between the round resistance level 1600.00 and the 61.8% Fibonacci retracement of the previous sharp downward correction (2).
The price also previously broke above the resistance level 1550.00 (set as the likely upward target in our earlier forecast for this instrument) – which accelerated the active impulse wave (3).
Gold is likely to rise further toward the next resistance level 1690.00 (which stopped the previous impulse waves 3 and (1)).
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