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Gold Wave Analysis – 05 March, 2019

  • Gold reversed from resistance area
  • Further losses are likely

Gold recently reversed down from the resistance area lying between the long-term resistance level 1350.00 (former multi-month high from last February) and the upper resistance trendline of the daily up channel from November.

The downward reversal from this resistance area started the active medium-term ABC corrective wave (B) from February.

Gold is expected to fall further and re-test the next support level 1270.00 (monthly low from January).

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Source: FxPro


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