Gold has been trading upwards most recently. The price tested the resistance at the $1.580. Due to overbought condition and resistances on the test, downside opportunities are preferable.
Watch for selling opportunities if you see the breakout of the mini Pitchfork channel. The breakout of the swing low at $1.573 would confirm rotation down towards the levels at $1.562 and $1.548.
MACD oscillator is showing positive reading but without increase in the momentum.
Stochastic oscillator is showing overbought condition.
Resistance levels are seen at the price of $1.580 and $1.593
Support levels and downward targets are set at the price of $1.562 and $1.548.
The material has been provided by InstaForex Company – www.instaforex.com