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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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