Gold 02.10.2020 – Median line reached, resistance is found and potential downside is in the play

By | February 10, 2020
InstaForex
Gold 02.10

Relevance up to 05:00 UTC–8

Technical analysis:

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Gold has been trading sideways at the price of $1.573. Due to the rejection of the Pitchfork median line, I do expect potential rotationl around the median line and eventual downside movement towards the level of $1.561-$1.552.

Watch for selling opportunities on the rallies. There is possibility to bigger symmetrical triangle to create.

MACD oscillator is showing bearish divergence, which is good confirmation for our short bias.

Support levels are set at the price of $1.561 and $1.552

Resistance levels are set at: $1.576 and $1.593

*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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