Gold has been trading downwards in past 24hours but it found support at the level of $1,505, which is very important level for the Gold. I still see more upside on the Gold and potential re-test of the $1,533 and $1,553.
Red horizontal lines – Important resistance levels and upward objectives
Green rectangle - major support area
Green rising line – Expected path
I found double bottom confirmed pattern and strong rejection of the key support, which is for me sign that new money started with buying. Key support is at $1,504 and resistance at $1,533 and $1,553. Bears need to be very cautious as there is strong aggressive buying and potential end of the downward correction ABC. As long as the Gold is holding above $1,500 there is a chance for potential test of $1,553. Don't forget that short-term and long-term trends are bullish.Watch for buying opportunities on the dips on lower frames 5/15 for better timing.
