Gold 01.31.2020 – Gold is trading near the imporrtant pivot level at $1.588, watch for the price action around it to confirm

By | January 31, 2020
InstaForex
Gold 01.31.2020 - Gold is trading near the imporrtant pivot level at $1

Relevance up to 06:00 UTC–8

Gold has been trading sideways at the price of $1.582. The price is near the critical decision level at $1.588 and you should watch carefully the price action around it.

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The breakout of the $1.588 to the upside will confirm test of 1$1.611 and in that case you should watch on buying opportunities on the dips.

The rejection of the critical pivot resistance at $1.588 would confirm rotation back towards the level of $1.570, $1.564 and $1.545.

MACD oscillator is showing neutral stance

Major resistance is set at the price of $1.588

Support levels are seen at the price of $1.570, $1.64 and $1.545.

*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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