Gold Wave Analysis

  • Gold reversed from support level 2300.00
  •  Likely to rise to resistance 2385.00

Gold recently reversed up from the pivotal support level 2300.00 (which stopped the previous waves A, (4) and ii, as can be seen below).

The support level 2300.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from March.

Given the clear daily uptrend and the still oversold daily Stochastic, Gold be expected to rise further to the next resistance 2385.00, top of the previous correction b.

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading