Gold Technical Analysis Report 19 January, 2022

• Gold broke resistance level 1830.00
• Likely to rise to resistance level 1860.00

Gold continues to rise after the price broke through the resistance level 1830.00 (top of the previous minor impulse wave (i) from end of December, as can be seen from the daily Gold chart below), intersecting with the 61.8% Fibonacci correction of the downward ABC correction 2 from the middle of November. The breakout of the resistance level 1830.00 accelerated the active impulse waves (iii) and 3.

Given the rising bullish sentiment that can be seen across the precious metal markets today – Gold can be expected to rise further toward the next resistance level 1860.00 (middle of the resistance cluster from last month).


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