Gold has been trading sideways at the price of $1,544 but my structure for upside didn't change. I still expect more upside and potential test of $1,555.There are no signs of any reversal yet and I am still bullish on the Gold.
Brown diagonal trend line– Rising support
Yellow rectangle – Resistance became support
Red horizontal line – Resistance and our upward target
Green moving average – Support Middle Bollinger band
MACD oscillator is still showing stable up momentum in the background and I do expect at least another movement higher. Key resistance is at $1,555 and support at $1,525. Gold found today support at $1,533, which is the level of recent swing lows. Bears need to be very cautious as there is still a overall bullish trend. I will stay bullish as long we don't see any big reversal sign. As long as the Gold is trading above the $1,525, I would watch for buying opportunities on the dips with target at $1,555. If you got long position from yesterday is is good idea to secure position on the breakeven and watch for potential target at $1,555.