Technical analysis

Gold Wave Analysis – 19 December , 2018

Gold Wave Analysis – 19 December , 2018
  • Gold broke key resistance level 1250.00
  • Further gains are likely

Gold today broke through the key resistance level 1250.00 (which stopped the price at the start of December, as can be seen below).

The breakout of the resistance level 1250.00 should accelerate the active impulse wave 3 which previously reversed up with the daily Japanese candlesticks reversal pattern Evening Star from the pivotal support level 1235.00.

“Gold is expected to rise further in the active impulse waves (iii) and 3 and re-test the next resistance level 1260.00 (former resistance level from July)” – the FxPro analyst commented.

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