Gold can be expected to rise further toward the next resistance level 2250.00 – the breakout of which can lead to further gains toward 2300.00.
– Gold under strong bullish pressure
– Likely to rise to resistance level 2250.00
Gold under the strong bullish pressure today after the price broke the key resistance level 2200.00, which has been reversing the price from the start of March, as can be seen from the daily Gold chart below. The breakout of the resistance level 2200.00 accelerated the active impulse waves 3 and (3) – which led to the breakout of the wide daily up channel from last October. The breakout of the resistance level 2200.00 continues the clear weekly and daily uptrend.
Given the clear multi time frame uptrend and the strengthening safe haven inflows, Gold can be expected to rise further toward the next resistance level 2250.00 – the breakout of which can lead to further gains toward 2300.00.
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