• Gold reversed from support area
• Likely to rise to resistance level 1860.00
Gold continues to rise steadily after the price reversed up from the combined support area located between round support level 1800.00 (low of the short-term wave A of the pervious ABC correction (2) from, the start of January), support level 1770.00 (multi-month low from November) and the lower daily Bollinger Band. The upward reversal from this support area started the active medium-term impulse wave (3).
Given the strength of the aforementioned support area and the deteriorating global risk sentiment after it was reported that South Africa halted AstraZeneca vaccine after shots failed against new Covid-19 variant – Gold is expected to rise further toward the next resistance level 1860.00.