FX.co ★ Gold 01.28.2020 - First downward target has been reached at the price of $1.577, possible second target at $1.569

Gold has been trading downwards. The price the price reached our first downward target at the price of $1.577 and is heading to test second at $1.569.. I see further downside on the Gold and potential test of $1.569 and $1.558.

The rejection and climax of the mini Pitchfork warning line was the main reason for the current downside pressure. My advice is to watch for selling opportunities on the rallies using intranet-frames 5/15 minutes.

MACD oscillator is showing negative reading below the zero and the slow line is turned to the downside.

Resistance levels are set at the price of $1.577 and at $1.580.

Support levels and downward targets are set at the price of $1.569 and $1.558.