Categories: Technical analysis

Gold Wave Analysis 29 March 2024

– Gold rising inside weekly impulse wave 3

– Likely to rise to resistance level 2300.00

Gold rising inside the sharp weekly impulse wave 3, which recently broke the resistance trendline of the daily up channel from November.

The breakout of this up channel coincided with the breakout of the key resistance level 2200.00, which stopped the previous impulse wave 1.

Given the strong daily uptrend, Gold can be expected to rise further to the next resistance level 2300.00 (target for the completion of the active impulse wave 3).

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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