Gold price continues to respect $1,450-55 support

Gold price bounced to $1,467 last week only to see price turn back down to $1,453 at the premarket session today. However bulls have respected support once again and price is moving towards last week’s highs again.

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Blue line – resistance trend line

Gold price has back tested successfully the broken blue trend line resistance and is bouncing off of it. Resistance is at $1,470 and next at $1,490-$1,500. Support remains key at $1,450-55. I expect Gold price to continue the upside bounce and remain bullish as long as Gold price is above $1,450. Next upside target is at $1,490.

The material has been provided by InstaForex Company – www.instaforex.com