July 23, 2020
Spot gold moving towards next resistance at $1880 per ounce. It may cross highest ever 9-year-old mark of $1920. The metal is riding on upward wave from $1704 and moving towards $1880, which is 238.2% projection level. This wave is expected to extend over $1920.
Previous resistance at $1852 is now support. Fall may be limited to $1852 only. On the daily chart, gold has broken a resistance at $1,856, the 286.4% projection level of a wave C from $1,159.96. This break opened the way for gold to move towards $1889 or may travel in range of $1880-$1898.
Resistance is now at $1852, break below gold may drop in range of $1,795-$1,815.
