FX.co ★ Gold 01.16.2020 - Sell zone on the Gold, downward target is set at the price of $1.536

Gold has been trading sideways at the price of $1.553. The price tested and rejected of the level of $1.557. I see further downside on the Gold and potential re-test of $1.536 and $1.524.

The breakout of the mini Pitchfork upward channel is the early trigger for the downside. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.

MACD oscillator is showing decrease on the upside momentum, which is sign of the weak buying.

Resistance levels and upward targets are seen at the price of $1.558 and $1.562.

Support levels and downward targets are set at the price of $1.536 and $1.524.