FX.co ★ Gold 01.31.2020 - Gold is trading near the imporrtant pivot level at $1.588, watch for the price action around it to confirm further direction

Gold has been trading sideways at the price of $1.582. The price is near the critical decision level at $1.588 and you should watch carefully the price action around it.

The breakout of the $1.588 to the upside will confirm test of 1$1.611 and in that case you should watch on buying opportunities on the dips.

The rejection of the critical pivot resistance at $1.588 would confirm rotation back towards the level of $1.570, $1.564 and $1.545.

MACD oscillator is showing neutral stance

Major resistance is set at the price of $1.588

Support levels are seen at the price of $1.570, $1.64 and $1.545.