Gold Technical Analysis Report 15 May, 2024

• Gold is expected to rise further toward the next key resistance level of 2400.00.
• The rise is attributed to the intermediate impulse wave (5) which started earlier from the support zone located between the support level 2270.00.
• Given the clear uptrend on the daily and the weekly charts, Gold can be expected to rise further.

Gold’s price is on the rise, with technical analysis predicting a further increase towards a key resistance level of 2400.00. This article provides an in-depth analysis of the factors driving this trend.

Gold’s Rising Impulse Wave

Gold continues to rise inside the intermediate impulse wave (5) which started earlier from the support zone located between the support level 2270.00. This support level stopped the earlier minor correction at the start of May, as can be seen from the daily Gold chart. The active impulse wave (5) belongs to the intermediate impulse sequence from last October.

Gold’s Expected Rise to Resistance Level 2400.00

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. This resistance level reversed the price twice in April and is the target price for the completion of the active minor impulse wave 1.

Conclusion

Given the current trends and technical analysis, Gold’s price is expected to continue its upward trajectory towards the key resistance level of 2400.00. Investors and traders should keep a close eye on these developments as they navigate the Gold market.