FX.co ★ Gold 02.19.2020 - Major resistance at the price of $1.611 on the test, watch for potential rotation down towards the $1.593

Technical analysis:

Gold has been trading upside. The price tested and rejected so far from of the main resistance at $1.611(January High), which is sign that buying at this stage looks very risky. I would watch for potential selling opportunities and downside rotation towards the levels at $1.593 and $1.585.

Due to the test of major resistance at $1.611 and bearish divergence on the stochastic oscillator, downside opportunities are preferable.

Major resistance is set at the price of $1.611

Support levels are seen at the price of $1.593 and $1.585.