Gold price is still holding well support at the price of $1,525, which is good sign for further upside. I still expect more upside and at least another upward swing.
Red horizontal line – Important resistance and upward objective
Yellow rectangle – major support area
Purple rising line – Expected path
MACD oscillator is showing decreasing on the last downward swing and there is chance for potential recovery on the Gold. Key support is at $1,525 and resistance at $1,554. Bears need to be very cautious as there is a major support on the test and potential end of the downward correction ABC. As long as the Gold is holding above $1,525 there is a chance for potential test of $1,554. Additionally, I found test of the lower Bollinger band (support). Don’t forget that Gold is in short-midterm upward trend and that any selling maybe shaken out.The material has been provided by InstaForex Company – www.instaforex.com