Gold Wave Analysis 5 September 2024

– Gold reversed from support level 2475.00

– Likely to rise to resistance level 2535.00

Gold recently reversed up from the support level 2475.00 (former monthly high from July, which has been reversing the price from August) standing near the 38.2% Fibonacci correction of the upward impulse C from the start of August.

The upward reversal from the support level 2475.00 created the two consecutive Japanese candlesticks reversal patterns Hammer.

Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2535.00 (which stopped the previous wave i in the middle of August).