The value of gold appears to be trending towards $2500The gold market appears to have entered the initial stage of a new, major impulsive wave, identified as the third in a sequence of such patterns. This cyclical trend can be traced back to 1832, with the completion of the first wave in 1980. The corrective wave 2 concluded in 1999, and the first impulsive wave of the current third wave began in 2001.
In my analysis, it can be considered as the third impulsive wave in a larger impulsive wave 3 within another impulsive wave 3 of a higher degree.
Fibonacci resistance levels of note include:
— $2075
— $2553
— $3412
— $4642
— $4791
— $5953
— $7635
— $10682
