Technical analysis

Gold Wave Analysis 6 May, 2021

• Gold broke resistance level 1792.00

• Likely to rise to resistance level 1850.00

Gold recently broke the resistance level 1792.00 (which stopped the previous impulse wave 1 in the middle of April).

The breakout of the resistance level 1792.00 coincided with the breakout of the 100-day moving average and the 50% Fibonacci correction of the previous downward impulse from January.

Gold is likely to rise further toward the next resistance level 1850.00 (target price for the completion of the active impulse wave (3)).

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