Gold 02.11.2020 – Watch for selling opportunities due to the down cycle

By | February 11, 2020
InstaForex
Gold 02.11

Relevance up to 04:00 2020-02-12 UTC–8

Technical analysis:

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Gold has been trading sideways at the price of $1.569. The price rejected of the rising trendline in the background, which is sign that buying looks risky. I see potential for the downside movement and test of $1.547 and $1.536.

Watch for selling opportunities on the rallies with the first target at $1.547

MACD oscillator is showing neutral stance and oscillator is not that relevant under the trading range condition.

Resistance levels are seen at $1.576 and $1.593

Support levels are seen at the price of $1.547 and $1.536

*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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