- 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).