FX.co ★ Gold 02.11.2020 - Watch for selling opportunities due to the down cycle

Technical analysis:

Gold has been trading sideways at the price of $1.569. The price rejected of the rising trendline in the background, which is sign that buying looks risky. I see potential for the downside movement and test of $1.547 and $1.536.

Watch for selling opportunities on the rallies with the first target at $1.547

MACD oscillator is showing neutral stance and oscillator is not that relevant under the trading range condition.

Resistance levels are seen at $1.576 and $1.593

Support levels are seen at the price of $1.547 and $1.536