- Gold reversed from support area
- Further gains are likely
Gold recently reversed up from the support area lying between the key support level 1310.00 (former strong resistance from May and June) and the 38.2% Fibonacci correction of the previous sharp upward impulse from January.
The upward reversal from this support area continues the active short-term impulse wave 5 of the medium-term impulse wave (3) from the middle of November.
Gold is expected to rise further and re-test the next resistance level 1325.50 (top of the previous short-term impulse wave 3).