Gold: ⬆️ Buy
– Gold reversed from support zone
– Likely to test resistance level 5095.00
Gold recently reversed from the support zone between the strong support level 4645.00 (former resistance from January) and the 61.8% Fibonacci correction of the upward impulse from December.
The upward reversal from this support zone formed the daily Japanese candlesticks reversal pattern Piercing Line.
Given the overriding daily and weekly uptrends, Gold can be expected to rise to the next resistance level 5095.00 – the breakout of which can lead to further gains toward 5200.00.