- Gold reversed from support level 1575.00
- Likely to rise to 1640.00
Gold recently reversed up from the support level 1575.00 (former strong support from February) intersecting with the 38.2% Fibonacci retracement level of the previous impulse wave (i) from March.
The upward reversal from the support level 1575.00 started the active short-term impulse wave (iii).
Given the clear daily uptrend – Gold is likely to rise further toward the next resistance level 1640.00 (top of the previous impulse wave (i)).