Gold Wave Analysis – 29 May, 2020

• Gold reversed from support level 1695.00
• Likely to rise to 1766.13

Gold recently reversed up from the key support level 1695.00, intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse from March.

The upward reversal from the support level 1695.00 started the active short-term impulse wave (iii) – which belongs to the multi-month upward impulse sequence (3) from March.

Gold is likely to rise further toward the next resistance level 1766.13 (top of the previous impulse wave (i) from the middle of May).