FX.co ★ 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.

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