FX.co ★ Gold 12.17.2019 - Bearish divergence on the 4H time-frame, watch for selling opportunities

Gold has been trading upwards this morning. The price tested the level of $1.479 and got rejected. I see potential for the downward cycle today and I expect further downside movement. Downward targets are set at the price of $1.474 and $1.466

MACD oscillator is showing bearish divergence, which is sign that buyers lost power and that sellers took control over them.

Stochastic oscillator is in overbought zone and there is potential for the down cycle, which is good confirmation for our bearish view.

Resistance levels are seen at $1.479 and $1.486

Support levels are set at the price of $1.474 and $1.466.