16.08.201915:30 Forex Analysis & Reviews: Gold 08.16.2019 - Another successful test of the key support at $1,505

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...