Technical analysis

Gold Wave Analysis – 22 November , 2018

  • Gold rising inside short-term ABC correction (ii)
  • Further gains are likely

Gold continues to rise inside the short-term ABC correction (ii) – which started earlier from the support area located between the key support level 1200.00, 100-day moving average and the lower daily Bollinger Band.

This support area was further strengthened by the support trendline of the daily up channel from August and the 50% Fibonacci correction of the previous upward correction 2 from August.

Gold is expected to rise further and re-test the next resistance level 1240.00 (monthly high from the end of October).

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