Gold 01.16.2020 – Sell zone on the Gold, downward target is set at the price of $1.536

Gold has been trading sideways at the price of $1.553. The price tested and rejected of the level of $1.557. I see further downside on the Gold and potential re-test of $1.536 and $1.524.

The breakout of the mini Pitchfork upward channel is the early trigger for the downside. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.

MACD oscillator is showing decrease on the upside momentum, which is sign of the weak buying.

Resistance levels and upward targets are seen at the price of $1.558 and $1.562.

Support levels and downward targets are set at the price of $1.536 and $1.524.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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