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Gold Wave Analysis – 18 March, 2019

  • 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).

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Source: FxPro


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