Categories: Technical analysis

Gold Wave Analysis 4 January, 2021

• Gold rising sharply

• Likely to rise to 1965.00

Gold continues to rise sharply after the price broke through the pivotal resistance level 1900.00 (which stopped the previous waves 2 and 1).

The breakout of the resistance level 1900.00 coincided with the breakout of the daily down channel from August – which accelerated the active impulse waves 3 and (3).

Gold is expected to rise further to the next resistance level 1965.00 (monthly high from September and November of 2020).

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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