FX.co ★ Gold price consolidates, implyig higher chances of an upward continuation.

Gold price has recaptured $,1580 and is moving sideways in the short-term after the big short-term spike from $1,540 to $1,580. Trend remains bullish and now that our first target of $1,578 has been achieved, we look for the next target around $1,600.

Red horizontal lines - Fibonacci extension levels

Gold price continues to make higher highs and higher lows. Trend remains bullish and the RSI is far from providing a bearish divergence and remains below overbought levels. This pause in Gold price is expected to be followed by a strong move to the upside most probably.