Gold recently reversed up from the key support level 1540.00 (former strong resistance from September, acting as the support now after it was broken by the previous sharp upward impulse wave 1 from the start of January) – which started the active impulse wave 3. Given the clear uptrend visible on the daily charts – Gold is likely to remain under the bullish pressure and to rise further toward the next resistance level 1575.00 (top of the previous short-term impulse wave (i)) – the breakout of which can lead to further gains toward 1600.00.