FX.co - Analysis for Gold 02.03.2020 - Massive drop in the background and both targets reached, still space for more downside and test of $1.541

Forex Analysis:::2020-03-02T13:53:17

Analysis for Gold 02.03.2020 - Massive drop in the background and both targets reached, still space for more downside and test of $1.541

Technical analysis:

Analysis for Gold 02.03.2020 - Massive drop in the background and both targets reached, still space for more downside and test of $1.541

Gold did drop strongly on Friday as I expected . Both my targets at the price of $1.612 and $1.595 from last Friday has been reached. The cause of the recent drop was the Rejection of the Pitchfork Warning line 2. I still see potentila for more downside and test of $1.562 and $1.541 (Pitchfork lower parallel and warning line 2).

Watch for selling opportunities

Stochastic oscillator is showing new momentum to the downside.

Short-term resistance is set at the price of $1.625

Support levels and downward targets are set at the price of $1.612 and $1.541

Petar Jacimovic

Analyst InstaForex

Author articles

#Technical analysis #Gold

FX.co ★ Analysis for Gold 02.03.2020 - Massive drop in the background and both targets reached, still space for more downside and test of $1.541

Analysis for Gold 02.03.2020 - Massive drop in the background and both targets reached, still space for more downside and test of $1.541