- Gold reversed from support area
- Further gains are likely
Gold recently reversed up from the support area lying between the support level 1270.00 (monthly low from the end of April) – strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from November.
The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Gold is expected to rise further and re-test the next resistance level 1290.00 (previous reversal high from last month).