FX.co ★ Gold 02.12.2020 - Downside pressure and potential for more downside and test of $1.547

Technical analysis:

Gold has been trading downwards as I expected. The price rejected of the median Pitchfork line and is heading to test the lower diagonal of Pitchfork line and swing low at $1.547.

Watch for selling opportunities on the rallies using the intraday frames 5/15/30 minutes in order to find best entry.

MACD oscillator is showing negative reading below the zero and the slow line is turned to the downside, which is sign that sellers are in control.

Resistance levels are seen at the price of $1.568 and $1.577

Support levels and downward targets are set at the price of $1.552 and $1.547.