FX.co ★ Analysis for Gold 03.09.2020 - End othe upward cycle ? Potential for the downside movement towards the level of $1.610

Technical analysis:

Gold been trading downwrads.The price made fake breakout of the main pivot resistance at $1.689, which is strong sign that buying looks risky and that sellers are present.I would watch for potential breakout of the well-defined upward channel at $1.657 and then watch for selling opportunities with the main targets at $1.610 and $1.584 (Pitchfork median line).

Stochastic oscillator is showing downside cycle

.Resistance levels are set at the prrice of $1.689 and $1.702.

Support levels are set at $1.657, $1.641 and $1.610