Technical analysis

Gold Wave Analysis – 24 May, 2019

  • Gold reversed from support area
  • Further gains are likely

Gold recently reversed up from the support area lying between the pivotal support level 1270.00 (which has been reversing the price from the end of April) and the lower daily Bollinger Band.

This support area was further strengthened by the 50% Fibonacci correction of the previous upward impulse from November.

Gold is expected to rise further and retest the next resistance level 1300.00 (top of the previous wave (ii) from the middle of May).

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