Gold price pulled back as low as $1,516 (respecting the $1,500-$1,490 support area) and is now trying to continue its up trend towards our target of $1,570 which is the 161.8% Fibonacci extension of the August 2018 to February 2019 rise.
Red lines - bullish channel
Gold price continues to make higher highs and higher lows. Short-term trend remains bullish as long as price is above $1,500-$1,490 and inside this bullish channel. Support is found at $1,515 and next at $1,500. Resistance is at $1,533 and next at $1,550. As we mentioned in our previous post, Gold price could continue higher towards $1,570, however bulls should be cautious and protect their long positions by raising stops, as there are bearish divergence signs in the RSI. A new higher high around $1,570 with another bearish divergence in the 4 hour RSI would be ideal for at least a short-term top.
