Gold set to break resistance; $4878 possible this year?
Gold is currently approaching its next Fibonacci resistance level of $2096. Once this level is convincingly broken, the next resistance levels will be $2272 and $2463. According to my Elliott wave analysis, gold has started its third impulsive wave, which is part of a higher degree third impulsive wave. These impulsive waves are typically the most explosive and long-lasting. Therefore, we can expect an exciting spectacle in the coming months. I do not rule out a short-term price target of $4878 within a year, as this price target is based on the 1.618 Fibonacci extension of the impulse wave 1 (Dec '15 - Aug '20). Lastly, the monthly chart shows a MACD crossover, which supports my bullish expectations. This typically indicates that the price of gold is expected to continue its upward trend.
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