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Gold Wave Analysis – 10 June, 2019

  • Gold reversed from resistance area
  • Further losses are likely

Gold recently reversed down from the resistance area lying between the key resistance level 1346.00 (which stopped the earlier extended wave (a) in the middle of February) and the upper daily Bollinger Band.

The downward reversal from this resistance area completed the previous ABC correction 2 from August of 2018.

Gold is expected to fall further and retest the next pivotal support level 1321.00 (former strong resistance from the end of March).

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Source: FxPro


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