Given the strength of support level 4325.00, Gold be expected to rise to the resistance level 4665.00, which reversed the price at the start of February.
- Gold reversed from key support level 4325.00
- Likely to rise to resistance level 4665.00
Gold recently reversed from the support area between the key support level 4325.00 (former resistance from October, which stopped the previous corrections in December and February, as can be seen from the daily Gold chart below), lower daily Bollinger Band and the support trendline of the wide daily down channel from February. The upward reversal from this support area formed the daily Japanese candlesticks reversal pattern Hammer, which stopped the previous minor impulse wave iii of the sharp impulse wave (C) from the end of February.
Given the strength of support level 4325.00, Gold be expected to rise to the resistance level 4665.00, which reversed the price at the start of February.
