Relevance up to 05:00 2020-02-21 UTC–8
Gold has been trading upwards. The price tested the level of $1.618. I see resistance at the level of $1.617 (Upper diagonal of Pitchfork channel), which is indication that Gold is overbought zone and that buying looks risky at this stage.
Watch for potential downside rotation if you see any topping pattern or bearish divergence on the lower time-frames. Downside objectives are set at the price of $1.604 and $1.593.
Stochastic oscillator is showing overbought condition, which adds even more risk for buyers.
Major resistances is set at the price of $1.617
Support levels are set at the price of $1.604 and $1.593
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Petar Jacimovic,
InstaForex Group © 2007-2020
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