FX.co ★ Gold price is being bid continuing its up trend

Gold price has broken above the $1,533 resistance we mentioned yesterday that was key for a move to recent highs. Trend remains bullish and the $1,570 target remains feasible. Bulls could raise their stops now to $1.516.

Green rectangle - support

Gold price is challenging recent 2019 highs. Price remains in a bullish momentum and our target of 161.8% extension of the August 2018-February 2019 rise is still feasible. Breaking above $1,555 will increase the chances of seeing $1,570 this week. Support is key at $1,516. Breaking below this level will cancel the bullish scenario of seeing any time soon a move to $1,570. Instead breaking below support would open the way for a move at least towards $1,475.