FX.co ★ Analysis for Gold 03.03.2020 - Sell signal active due to breakout of mini upward Pitchfork channel, downside target set at $1.561

Technical analysis:

Gold has been trading sideways at the price of $1.603. My analysis from yesterday is still active, I still expect drop on the Gold and potential test of $1.560 and $1.541.I found the breakdown of the mini Pitchfork upward channel, which is early entry sell signal.

Stochastic oscillator is showing overbought condiiton, which is indication that buying looks risky and selling very attractive.

Resitance levels are set at the price of $1.610 and $1.626

Support levels and downward targets are set at the price of $1.561 and $1.541.