- Gold reversed from support area
- Further gains are likely
Gold continues to rise inside the short-term impulse wave (iii), which started previously from the support zone located between the key support level 1200.00 (former resistance from August and September), 50-day moving average and the 38.2% Fibonacci correction of the previous upward impulse from August.
This support zone was further strengthened by the lower daily Bollinger Band.
Gold is like to rise further and re-test the next resistance level 1242.00 (top of the previous impulse wave (i) from October). Strong support remains at 1200.00.