Gold: ⬆️ Buy
- Gold broke resistance zone
- Likely to rise to resistance level 5420.00
Gold recently broke the resistance zone between resistance level 5100.00 (which stopped the earlier impulse wave 1) and the 61.8% Fibonacci correction of the downward ABC correction (2) from January.
The breakout of the resistance level 5100.00 accelerated the active short-term impulse wave 3 which belongs to the intermediate impulse wave (3) from January.
Given the strong multi-month uptrend, Gold can be expected to rise to the next resistance level 5420.00 (former key resistance from January).
Source: Fxpro