Gold Technical Analysis Report 15 May, 2024

Dmitry Chernovolov Market Analyst

Gold can be expected to rise further toward the next key resistance level 2400.00 (which reversed the price twice in April),

– Gold rising inside impulse wave (5)

– Likely to rise to resistance level 2400.00

Gold continues to rise inside the intermediate impulse wave (5) which started earlier from the support zone located between the support level 2270.00 (which stopped the earlier minor correction  at the start of May, as can be seen from the daily Gold chart below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the middle of February. The active impulse wave (5) belongs to the intermediate impulse sequence from last October.

Given the clear uptrend that can be seen on the daily and the weekly charts, Gold can be expected to rise further toward the next key resistance level 2400.00 (which reversed the price twice in April), which is the target price for the completion of the active minor impulse wave 1.

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