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27.01.2020 02:41 PM
Gold 01.27.2020 - Rejection of the Pitchfork warning line 1 at the price of $1.588, selling opportuntiies prerferable

Gold has been trading upwards. The price tested and rejected of the level of $1.588. There is potential buying climax in the background and buying would be very risky at this stage. Watch for potential downside rotation or sideways movement.

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The eventual breakout of the support at $1.576 may confirm further downside and potential test of $1.569.

MACD oscillator is showing deceasing momentum to the upside on the second push higher.

Resistance levels and upward targets are seen at the price of $1.586 and $1.588.

Support levels are set at the price of $1.576 and $1.569

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