• Gold broke resistance area
• Likely to rise to resistance level 1840.00
Gold recently broke the resistance area lying between the key resistance level 1820.00 (former support from May, which has been reversing the pair from the start of July), interesting 38.2% Fibonacci correction of the sharp downward correction from the end of May. The breakout of this resistance area accelerated the active medium-term impulse wave (3).
Given the strength of the active uptrend, Gold can be expected to rise further toward the next resistance level 1840.00 (former support from the middle of June) – followed by the resistance level 1860.00.