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Gold has been trading sideways at the price of $1.560. My analysis from last week is still valid. The price is at the critical decision level at $1.562 and you should watch carefully the price action around it.

Exchange Rates 20.01.2020 analysis

The breakout of the $1.562 to the upside will confirm test of $1.557 and in that case you should watch on buying opportunities on the dips.

The rejection of the resistance at $1.562 would confirm rotation back towards the level of $1.535.

MACD oscillator is showing that slow line turned bearish but the reading is still above the zero.

Major resistance is set at the price of $1.562.

Support levels and downward target is set at the price of $1.535.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020
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