FX.co ★ Analysis for Gold 03.04.2020 - Major resistance at the price of $1.650 on the test, watch for potential selling opportunities with the first target at $1.611

Technical analysis:

Gold has been trading upwards The price tested the level of $1.652. Anyway, I found that there is the strong resistance at the level of $1.647 and my advice is to watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes.\

Downnward targets are set at the price of $1.611 and $1.565

Stochastic oscillator is on the overbought zone on the 4H time-frame and there is the fresh bear cross, which is good confirmation for the further downside movement.

Support levels and downward targets are set at the price of $1.611and $1.565

Resistance level is set at $1.563 and $1.557