Gold has been trading sideways in the past 24 hours at the price of $1.512. My analysis from last week is still valid. Gold is approaching important multi pivot resistance level at $1.517-$1.520. This level is go-no go level and you should watch careful the price action around it.
Breakout of the resistance will lead us for potential test of $1.535 and buying opportunities would be preferable on the dips.
Rejection of the resistance may lead us for potential re-test of the $1.496. To confirm potential rejection you would need any kind of topping pattern near the resistance.
MACD is showing increased momentum on the upside and buyers in control today.
Bollinger band – Middle Bollinger line is set at $1.506 (support)
