Gold recently broke sharply above the major resistance level 1610.000 (former multi-month high the start of January, which stopped the previous sharp impulse wave 1). The breakout of this resistance level accelerated the active impulse wave (iii) – which is a part of the medium-term upward impulse sequence (3) from the start of November. Given the clear uptrend visible on the daily Gold charts – Gold is expected to rise further toward the next resistance level 1650.000 (target price for the completion of the active short- term impulse wave (iii)). Strong support now stands at the support level 1610.000.