Gold traded lower in past 12 hours and the price tested the level of $1.457. Anyway, I found strong rejection of the support at $1.457 (Fibonacci retracement 61.8%) and potential for the further upside. Watch for buying opportunities on the dips on the lower frames 15/30 minutes time-frame.
Due to potential end of the downward correction in the background, I am expecting new up leg and potential re-test of the resistances at $1.473 and $1.479.
MACD slow line is still upside and there is more room for the further upward continuation.
The material has been provided by InstaForex Company – www.instaforex.com
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