FX.co ★ Gold price continues to respect $1,450-55 support

Gold price bounced to $1,467 last week only to see price turn back down to $1,453 at the premarket session today. However bulls have respected support once again and price is moving towards last week's highs again.

Gold price has back tested successfully the broken blue trend line resistance and is bouncing off of it. Resistance is at $1,470 and next at $1,490-$1,500. Support remains key at $1,450-55. I expect Gold price to continue the upside bounce and remain bullish as long as Gold price is above $1,450. Next upside target is at $1,490.