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Gold Wave Analysis – 18 February, 2019

  • Gold reversed from support area
  • Further gains are likely

Gold recently reversed up from the support area lying between support level 1305.00 (which has been reversing the price from the start of February), lower daily Bollinger Band and the support trendline of the sharp daily up channel from November.

The upward reversal from this support area stopped the previous medium-term ABC correction (4).

Gold is expected to rise further and re-test the next resistance level 1330.00 (high of the previous impulse wave (3) from the end of January).

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Source: FxPro


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