FX.co ★ Gold 10.16.2019 - Downward channel in control, watch for selling opportunities

Gold is still trading inside of the downward channel and in corrective mode. As long as the down channel is active, I would watch for selling opportunities on the rallies. I still expect more downside with the target at 1,460.

Orange rectangle – Important resistance level

Yellow rectangle – Important support level

Parallel purple lines – Downward channel

Falling purple line – Expected path

Watch for selling opportunities due to down trend in the background. I found series of the lower lows and lower highs in the background, which his another indication of the downward trend. Resistance levels are found at 1,491 and 1,497. Support level Is seen at 1,460.