Gold Wave Analysis – 05 March, 2020

• Gold reversed from support zone
• Likely to rise to 1690.00

Gold recently reversed up sharply from the support zone lying between the key support level 1560.0, lower daily Bollinger Band and the 50% Fibonacci correction of the pervious upward impulse from November.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star.

Gold is likely rise fall further toward the next resistance level 1690.00 (top of the previous Shooting Star from last month)).