FX.co ★ Gold 01.23.2020 - Second test and reject of the important pivot resistance at $1.562, selling oppoutnties preferable

Technical analysis:

Gold tried once more to break important pivot resistance at $1.562 but with no success, which is sign that sellers are in control. Watch for selling opportunities on the rallies using the lower frames with main target at $1.536.

Putting the second test and reject of $1.562 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 and slow line turned bearish.

Resistance levels are set at the price of $1.562 and $1.568

Support levels and downward targets are set at the price of $1.550 and $1.536.