FX.co ★ Gold 02.21.2020 - Pitchfork Warning line 1 is on the test at $1.650, watch for potential selling divergence on 4H time-frame and rotation down towards the $1.632

Technical analysis

Gold has been trading upwards. The price tested the level of $1.650. I projected Pitchfork warning lines 1 and 2 to find potential resistance for the gold. Warning line is set at the price of $1.651 and Warning line 2 at $1.680.

I would watch for selling opportunities in case of the bearish divergence on the hourly or 4H time-frame or any topping pattern with the target at the price of $1.632. Anyway, in case of the bigger breakout of the $1.650, there is potential for test of WR2 at $1.680.

MACD oscillator is showing increased momentum on the upside.

Resistance levels are set at the price of $1.650 and $1.680.

Support levels are set at the price of $1.632 and $1.611.