FX.co ★ Gold 09.24.2019 - Bull flag pattern is forming on the 240 minute time-frame

Gold price has been trading sideways in the consolidation mode but I do expect more upside yet to come since the Gold is on the 4H time-frame bull flag formation. My advice is to watch for potential buying opportunities with the first target at $1,533.

Pink rectangle – Important resistance and first upward objective

Red rectangle – Second objective target and resistance

Purple rising line – Expected path

MACD oscillator is showing positive reading above the zero the background and I do expect at least another push higher. Key support is at $1,486 and resistance at $1,553. Bears need to be very cautious as there is strong upward momentum in the background and the breakout of the symmetrical triangle pattern. As long as the Gold is holding above $1,486 there is a chance for potential test of $1,553.