- Gold reversed from support area
- Further gains are likely
Gold recently reversed up from the support area lying between the strong support level 1280.00 (monthly low from January), 100-day moving average and the lower daily Bollinger Band.
The upward reversal from this support area started the active short-term wave B – which belongs to ABC correction (C) from February.
Gold is expected to rise further in the active wave B and re-test the next resistance level 1330.00 (target price for the completion of the active wave B).