Technical analysis

Gold Wave Analysis – 03 December, 2019

Gold Wave Analysis – 03 December, 2019
  • Gold reversed from support area
  • Likely to rise to 1480.00

Gold recently reversed up from the support area lying between the support level 1450.00 (which also stopped the previous correction (2)), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse wave (1) from March

The active impulse wave 1 belongs to the medium-term upward impulse wave (3) from the start of November.

Gold is expected to rise further toward the next resistance level 1480.00 (top of the previous wave (i)) – followed by 1500.00.

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