FX.co ★ Gold 12.03.2019 - Gold is near my upward target at $1.479, bullish movementum still present

Gold has been trading upwards, exactly what I expected yesterday. Gold is heading for test of our main upward objective at $1.479 and Pitchfork middle line for the fulfillment of the upward cycle. In case of the stronger breakout of the $1.479, next target would be at $1.494.

Usually, when the price reach the Pitchfork middle line, there would be several smaller swings formed around ML and it is good area to exit long positions.

The cause for this upward movement was the oversold condition from sellers and bullish divergence on the Stochastic oscillator that I mentioned yesterday.

Support levels are seen at the price of $1.467 and $1.460. Main resistance level is found at $1.479.