Gold Wave Analysis – 07 December , 2018

• Gold broke key resistance level 1.3390
• Further gains are likely

Gold recently broke through the key resistance level 1240.00 (former strong support from December of 2017 and last July, which was mentioned as the likely upward target in our previous forecast for this instrument).

The breakout of the resistance level 1240.00 should accelerate the active short–term impulse wave (c) – which belongs to the medium-term upward ABC correction 2 from the middle of August.

If the price closes this week above 1240.00 – Gold can then be expected to rise further and re-test the next resistance level 1250.00.