Gold Wave Analysis – 31 January 2025

– Gold broke resistance area

– Likely to rise to resistance level 2789.00

Gold recently broke the resistance area located between the key resistance level 2789.00 (which stopped the previous sharp impulse wave (3) in October) and the resistance trendline of the daily up channel from November.

The breakout of the resistance level 2789.00 accelerated the active short-term impulse wave 3 of the higher impulse sequence (5) from November.

Given the strong daily uptrend, Gold can be expected to rise further toward the next resistance level at 2850.00 (the target price for the completion of the active impulse wave 3).