10.05.201913:29 Forex Analysis & Reviews: Simplified wave analysis and forecast for Gold on May 10

The last wave relevant for the calculation of trading plans starts on March 25. The wave in its form is corrective. From April 23, the middle part of the structure (B) is formed in its structure. In the last 3 days, the quotes roll back down, preparing the ground for the final price breakthrough.

Forecast:

Today, you can expect a flat mood of oscillations, with a common downward vector. In the area of support, a reversal and the beginning of the appreciation are expected. The active phase is more likely at the end of the day or early next week.

Recommendations:

Sales today are high-risk and can become unprofitable. It is recommended to wait for the completion of the current rollback and monitor the emerging reversal signals to find points of purchase of gold.

Resistance zones:

- 1300.0 / 1305.0

Support zones:

- 1280/1275.0

Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.