Technical analysis

Gold Wave Analysis 19 May, 2021

• Gold broke resistance zone

• Likely to rise to resistance level 1900.00

Gold recently broke the resistance zone located between the resistance levels 1850.00 and 1875.00 (top of the previous corrections (a) and 2 from the end of January).

The breakout of the resistance levels 1850.00 and 1875.00 coincided with the breakout of the 61.8% Fibonacci correction level of the previous downward impulse (C) from January.

Gold is likely to rise further in the active impulse waves 5 and (3) toward the next round resistance level 1900.00.

Article Rating