GBP/USD 08.22.2019 – Rejection of the key support and round number $1,500

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.

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Important levels to watch:

Resistance levels:

$1,507

$1,525

Support levels and downward targets:

$1,492

$1,479

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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