Gold/ U.S. Dollar: Gold price strikes another target at 1615.00

Gold prices held on at 1600.00 support level against the U.S. dollar which I highlighted in my previous post and took a couple of higher highs and higher lows price motions at 1605.00 before striking my predicted target at 1615.00.

Gold prices currently trade at 1621.50 at the time writing and could continue to its next target at 1630.00 if it holds above 1615.00. Gold prices could also retreat to 1605.00 support if it fails to advance at 1615.00. The long term uptrend signal is very much intact, and I expect to see gold prices to continue its current rally as we watch the overbought stock market wobble.

Support: 1615.00, 1605.00, and 1600.00
Resistance: 1630.00, 1640.00, and 1655.00