Gold Wave Analysis – 05 February, 2019

• Gold reversed from support area
• Further gains are likely

Gold recently reversed up from the support area lying between the key support level 1310.00 (former strong resistance from May and June) and the 38.2% Fibonacci correction of the previous sharp upward impulse from January.

The upward reversal from this support area continues the active short-term impulse wave 5 of the medium-term impulse wave (3) from the middle of November.

Gold is expected to rise further and re-test the next resistance level 1325.50 (top of the previous short-term impulse wave 3).