Technical analysis

Gold Wave Analysis – 11 October , 2018

  • Gold broke resistance area
  • Further gains are likely

Gold today broke through the resistance area lying between the pivotal resistance level 1210.00 (which has been reversing the price from the end of August) and the resistance trendline of the extended daily down channel from February

The breakout of this resistance area accelerated the active impulse wave (iii) – which belongs to wave C of the medium-term (B)-wave from the middle of August.

Gold is expected to rise further and re-test the next resistance level 1230.00 (target price for the completion of the active impulse wave (iii)).

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