(MENAFN - FxPro)
- Gold reversed from resistance area
- Further losses are likely
Gold today reversed down from the resistance area lying between the resistance level 1440.00 (which stopped the previous impulse wave (3)) and the upper daily Bollinger Band.
If the price closes today near the current levels it will form the daily Shooting Star, similar to the Evening Star formed last month near the same levels.
Gold is expected to fall further and retest the next support level 1400.00.