Gold 01.29.2020 – Downside break of the Pitchfork warning line 1, more downside yet to come

By | January 29, 2020
InstaForex
Gold 01.29

Relevance up to 05:00 2020-01-30 UTC–8

Technical analysis:

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Gold has been trading to the downside. Price tested our downward target at the price of $1.568. I see further downside continuation and potential test of $1.563 and $1.557.

My advice is to watch for selling opportunities on the rallies with the first downward target at $1.563.

Stochastic oscillator is showing overbought condition, which is sign that selling might come from here. There is also breakout of the Pitchfork warning line 1 and potential test of the second.

Resistance levels are set at the price of $1.572 and $1.578

Support levels and downward targets are set at the price of $1.563, $1.557 and $1.546.

*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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