Gold Wave Analysis – 06 November , 2018

0
239
views
FxPro Daily Economic Events
FxPro Daily Economic Events
  • 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.

This review is presented by FxPro Broker. To see the list of other Forex brokers please click here