Technical analysis

Gold Wave Analysis – 13 November, 2019

Gold Wave Analysis – 13 November, 2019
  • Gold reversed from support area
  • Likely to rise to 1480.00

Gold recently reversed up from the support area lying between the support level 1455.00 (low of the earlier wave (A) from September), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse form August.

The upward reversal from this support area started the active short-term correction (ii).

Gold is expected to rise further toward the next resistance level 1480.00 – former strong support from the end of October (low of waves 1, (b) and (i)).

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