Gold Wave Analysis – 15 May 2025

Gold: ⬆️ Buy

– Gold reversed from support zone

– Likely to rise to resistance level 3300.00

Gold recently reversed up from the support zone located between the pivotal support level 3155.00 (former top of the impulse wave 3 from the start of April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from January.

The upward reversal from the support zone stopped the C-wave of the previous medium-term ABC correction (4) from the middle of April.

Given the clear daily uptrend and the oversold daily Stochastic, Gold can be expected to rise to the next resistance level 3300.00.

Source: https://fxpro.news