• Gold reversed from support area
• Likely to reach resistance level 1750.00
Gold recently reversed up from the powerful combined support area lying between the major support level 1675.00 (which has been reversing the price from the start of 2020), lower weekly Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse from March of 2020. The upward reversal from this support area stopped the earlier weekly downward impulse wave (3).
Given the strength of the aforementioned support area and the weekly uptrend – Gold is likely to rise further toward the next key resistance level 1750.00 (top of the previous weekly correction (2) from the start of March).