Gold Wave Analysis 29 October 2024

– Gold broke resistance level 2750.00

– Likely to rise to resistance level 2800.00

Gold recently broke above the minor resistance level 2750.00 (which stopped the previous minor impulse wave 1 earlier this month).

The breakout of the resistance level 2750.00 should accelerate the active intermediate impulse sequence (5) from the start of October.

Given the strong daily uptrend, Gold be expected to rise further toward the next resistance level 2800.00 (target price for the completion of the active impulse wave (5)), coinciding with the resistance trendline of the daily up channel from September.