FX.co ★ Gold 09.09.2019 - Gold in the buy zone, more upside in play

Gold has been trading downwards in past 24hours but our support that we marked last week at the level of $1,505 is still holding well, which is very good sign for the further upward price. I still see more upside on the Gold and potential re-test of the $1,533 and $1,553.

Red horizontal lines – Important resistance levels and upward objectives

Green rectangle - major support area

Green rising line – Expected path

My analysis didn't change much from last week.I found double bottom confirmed pattern and strong rejection of the key support, which is for me sign that new money started with buying. Additionally, I found bullish divergence on the MACD oscillator , which is another good indication for upward price. Key support is at $1,504 and resistance at $1,533 and $1,553. Bears need to be very cautious as there is strong aggressive buying and potential end of the downward correction ABC. As long as the Gold is holding above $1,500 there is a chance for potential test of $1,553. Don't forget that short-term and long-term trends are bullish. Watch for buying opportunities on the dips on lower frames 5/15 for better timing.