FX.co ★ Gold 01.21.2020 - Strong rejection frrom our pivot level on the Gold at the price of $1.562, watch for selling opportunities

Gold has been trading upwards. The price tested and rejected of my critical resistance at $1.562, which is strong sign of selling power. I expect further downside movement and potential test of $1.535.

Due to strong rejection of our critical pivot level at $1.562, watch for selling opportunities on the rallies using the lower fames 5/15 minutes.

MACD oscillator is showing positive reading but the slow line is tuned to the downside.

Major resistance is set at the price of $1.562.

Support levels and downward target is set at the price of $1.535.