FX.co ★ Gold 02.17.2020 - Median Pitchfork line acting like resistance, watch for potential downside rotation towards the level of $1.562

Technical analysis:

Gold has been trading sideways at the price of $1.58. I found that Median Pitchfork line is reached and I do expect further rotation around it and potential downside movement towards $1.562 and $1.547. Anyway, to confirm potential downside movement, I would like to see the breakout of support at $1.577.

Watch for selling opportunities and potential downside rotation towards $1.562 and $1.547. I would avoid upside breakout under this condition.

Stochastic oscillator is showing overbought condition and potential for downside rotation.

Short-term resistance is set at the price of $1.585 and $1.593

Support levels and eventual downward targets are set at the price of $1.562 and $1.547.