Technical analysis

Gold Wave Analysis – 12 November , 2018

  • Gold broke support area
  • Further losses are likely

Gold continues to fall after the recent breakout of the combined support area lying at the intersection of the key support level 1210.00 (former major resistance from August and September) and the 50-day moving average.

The breakout of this support area should accelerate the active short-term corrective wave B – which belongs to the medium-term ABC correction (B) from August.

Gold is expected to fall further and re-test the next support level 1180.00 (former support from October and the target price for the completion of the active wave B).

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