Gold Technical Analysis Report 17 May, 2021

• Gold broke key resistance level 1840.00
• Likely to rise to resistance level 1880.00

Gold continues to rise after the earlier breakout of the key resistance level 1840.00 (which stopped the previous impulse wave 3 at the start of May m- as can be seen from the daily Gold chart below). The breakout of the resistance level 1840.00 continues the active short-term impulse wave 5 – which is part of the intermediate impulse wave (3) from the end of April.

Given the continued safe-haven inflows into the precious metal – Gold can be expected to rise further toward the next strong resistance level 1880.00 (target price for the completion of the active intermediate impulse wave (3 and the former top of waves A and (2) from January).

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