Relevance up to 04:00 2020-02-12 UTC–8
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,
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.