Gold Wave Analysis – 07 Janaury, 2020

Gold reversed from support level 1560,00
Likely to rise to 1600,00

Gold recently reversed up from the key support level 1560,00 (former strong resistance level which stopped the sharp uptrend in September).

The upward reversal from the support level 1560,00 continues the active impulse wave 3 – which belongs to the longer-term impulse wave (3) from November.

Gold is likely to rise further toward the next round resistance level 1600,00 (target for the completion of the active impulse wave 3).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: XAUUSD

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