Gold 01.23.2020 – Second test and reject of the important pivot resistance at $1.562, selling oppoutnties preferable

Technical analysis:

Gold tried once more to break important pivot resistance at $1.562 but with no success, which is sign that sellers are in control. Watch for selling opportunities on the rallies using the lower frames with main target at $1.536.

Putting the second test and reject of $1.562 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 and slow line turned bearish.

Resistance levels are set at the price of $1.562 and $1.568

Support levels and downward targets are set at the price of $1.550 and $1.536.

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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