Gold did exactly what I expected yesterday and my first target at the price of $1,508 has been reached. The momentum did start to pick up and there is a chance for breakout of the resistance trendline (downward slopping black line).

Green rectangle – Resistance 1

Yellow rectangle – Second upward target

Black upward lines – Expected path

Bullish divergence on the MACD oscillator is still present and now the resistance at the price of $1,508 is on the test. Watch for potential breakout of the $1,508 level to confirm further upside. I placed stop loss on the breakeven from yesterday and I do expect breakout. The upward target is set at the price of $1,525.