Gold Wave Analysis – 30 January, 2019

Gold broke resistance area
Further gains are likely

Gold recently broke the resistance area lying between the resistance levels 1300.00 (which has been reversing the price from the start of January) and 1305.00 (previous monthly high from June).

The breakout of this resistance zone accelerated the active short-term impulse wave (c) – which belongs to wave 2 from the middle of August.

With the rising daily Momentum – Gold is expected to rise further and re-test the next resistance level 1320.00 (intersecting with the resistance trendline of the accelerated daily up channel from November).

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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