Gold 02.12.2020 – Downside pressure and potential for more downside and test of $1.547

By | February 12, 2020
InstaForex
Gold 02.12.2020 - Downside pressure and potential for more downside and test of $1

Relevance up to 04:00 UTC–8

Technical analysis:

analytics5e43f495124fc.jpg

Gold has been trading downwards as I expected. The price rejected of the median Pitchfork line and is heading to test the lower diagonal of Pitchfork line and swing low at $1.547.

Watch for selling opportunities on the rallies using the intraday frames 5/15/30 minutes in order to find best entry.

MACD oscillator is showing negative reading below the zero and the slow line is turned to the downside, which is sign that sellers are in control.

Resistance levels are seen at the price of $1.568 and $1.577

Support levels and downward targets are set at the price of $1.552 and $1.547.

*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

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.