Gold has been trading sideways at the price of $1525. Anyway, I still expect more upside and at least another upward swing. Key support at the price of $1,525.00 held successfully many times, which is good positive sign for further upside continuation.
Red horizontal line – Important resistance and upward objective
Yellow rectangle - major support area
Purple rising line – Expected path
Nothing changed since my previous forecast. MACD oscillator is showing bullish divergence, which is good confirmation for upside and I do expect at least another push higher. Key support is at $1,525 and resistance at $1,554. Bears need to be very cautious as there is strong upward momentum in the background and potential buying the deep type of feeling. As long as the Gold is holding above $1,525 there is a chance for potential test of $1,554. Don't forget that short-term and long-term trends are bullish.
