- Gold reversed from support level 1640.00
- Likely to rise to 1700.00
Gold recently reversed up from the support level 1640.00 (former top of the pervious correction (a) from March) coinciding with the support trendline of the sharp up channel from last month.
The upward reversal from the support level 1640.00 continues the active short-term impulse wave (c) – which belongs to the daily ABC correction 2.
Gold is likely to rise further toward the next strong resistance level 1700.00 (top of the pervious multi-month upward impulse sequence (5) and the target for the completion of the active impulse wave (c)).