Gold 01.22.2020 – Rejection of the major pivot resistance at the prrice of $1.562 in the background, selling opportunities

By | January 22, 2020
InstaForex
Gold 01.22.2020 - Rejection of the major pivot resistance at the prrice of $1

Relevance up to 07:00 2020-01-23 UTC–8

Gold has been trading sideways at the price of $1.555 but with the strong rejection of the resistance in the background at $1.562. I expect further downside movement towards the support at $1.536.

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Due to strong rejection of our critical pivot level at $1.562, watch for selling opportunities on the rallies using the lower fames 5/15 minutes.

MACD oscillator is showing negative reading below the zero and the slow line is tuned to the downside.

Major resistance is set at the price of $1.562.

Support levels and downward target is set at the price of $1.535.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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