FX.co ★ Gold 02.27.2020 - Major multi-pivot resistance at the price of $1.654 is on the test, potential for drop towards the levle of $1.625

Technical anlaysis:

Gold has been trading sideways at the price of $1.650. My analysis from yesterday is still active and I do expect further downside movement and potential tests of $1.636 and $1.625.

Major Multi-pivot resistance at the price of $1.654 is on the test and at the same time the breakout of the most recent Patchwork channel is broken, which is good indication for the further downside movement.

Resistance levels are set at the price of $1.654 and $1.658

Support levels and downward targets are set at the price of $1.636 and $1.625.