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Nothing specially changed since my lat analysis. Gold price continues to trade sideways inside the flag pattern. I expect more upside to come on the Gold due to strong underlying bullish trend.
Red line – expected path
Blue rectangle – Resistance 1 ($1,533)
Blue rectangle – Resistance 2 ($1,550)
Yellow rectangle – Support ($1,505)
Gold price continues to trade inside the range of the flag pattern. Support is at $1,505 and resistance at $1,533. The break above $1,514 could give us a target of around $1,533-$1,550. Bulls are in control on the larger time-frame prospective and so far I don't see any reversal signal. As long as the Gold is trading above the $1,505 level, you should watch for long positions. MACD is holding into positive territory, which is good confirmation for my long bias...
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