Source: Forex Analysis
Gold has been trading in sideways-range environment at the price of $1,500 (round number). Anyway, the Gold is trading near the low boundary of the trading range and I see potential for the more upside, at least for test of the upper boundary around $1,508-$1,510.
Important levels to watch:
Support levels and downward targets:
Based on the 4H time-frame, I found rejection of the key support at the price of $1,500, which is clear sign for me that there is upside yet to come. MACD is showing the bullish divergence and there is 20-day upward trend in the background. As long as the Gold is trading above the level of $1,479, watch for buying opportunities.
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