Gold Wave Analysis – 06 February, 2020

• Gold reversed from support area
• Likely to rise to 1600.00

Gold recently reversed up from the support zone lying between the key support level 1550.00 (former strong resistance from August), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse wave 1.

The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the longer-term upward impulse waves 3 and (3).

Gold is likely to rise further toward the next round resistance level 1600.00 (top of the previous impulse wave (i)).