Source: Forex Analysis
Gold is trading second time to break the key pivot at the price of $1.429 and we got good odds that break might happen. The breakout of the key pivot at $1.429 will lead us to potential $1.440-$1.450 level.
Blue horizontal line – Main pivot resistance ($1.429)
Yellow rectangle – Support ($1.414)
Blue rectangle – Upward target-resistance ($1.440)
MACD oscillator is showing again flip into the positive territory above the zero, which is sign of the potential new wave up. Band Width indicator is showing low reading, which represents that bands range are narrowing, which is indication of the balancing market. My advice is to watch for the potential breakout of the $1.429 to confirm upside and potential test of $1.440-$1.450/
The material has been provided by InstaForex Company – www.instaforex.com