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Gold Wave Analysis – 09 April, 2019

  • Gold reversed from support area
  • Further gains are likely

Gold recently reversed up from the support area lying between the key support level 1280.00 (monthly low from March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from November.

This support area was further strengthened by the 100-dat moving average and by the upper trendline of the recently broken daily up channel from August of 2018.

Gold is expected to rise further and re-test the next resistance level 1320.00 (monthly high from March).

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Source: FxPro


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