Gold Wave Analysis – 3 July, 2019

Gold reversed from resistance area
Further losses are likely

Gold today reversed down from the resistance area lying between the resistance level 1440.00 (which stopped the previous impulse wave (3)) and the upper daily Bollinger Band.

If the price closes today near the current levels it will form the daily Shooting Star, similar to the Evening Star formed last month near the same levels.

Gold is expected to fall further and retest the next support level 1400.00.

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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