FX.co ★ Gold 02.24.2020 - Pitchfork Warning line 2 is on the test at $1.685, watch for potential selling divergence on 4H time-frame and rotation down towards the $1.660

Technical analysis:

Gold has been trading upwards. After the breakout of our Pitchfork Warning line 1 at $1.652, price went to test Warning line 2 at $1.685 as we expected.

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 $1.660. Anyway, in case of the bigger breakout of the $1.685, there is potential for test of WR3 at $1.700.

MACD oscillator is showing increased momentum on the upside.

Resistance levels are set at the price of $1.689 and $1.700

Support levels are set at the price of $1.680 and $1.660.

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