Categories: Technical analysis

Gold Wave Analysis – 09 April, 2019

  • Gold reversed from support area
  • Further gains are likely

Gold recently reversed up from the support area lying between the key support level 1280.00 (monthly low from March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from November.

This support area was further strengthened by the 100-dat moving average and by the upper trendline of the recently broken daily up channel from August of 2018.

Gold is expected to rise further and re-test the next resistance level 1320.00 (monthly high from March).

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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The FxPro Tech Analysis Team
Tags: XAUUSD

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