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25.02.202016:24 Forex Analysis & Reviews: Gold 02.25.2020 - PBig sell off and our downwarrd target has been reached at $1.660, potential for further downside movement and test of $1.633-$1.612

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Gold has been trading downwards. As I expected, the Gold tested the level of $1.632 and reached our downward target from yesterday at $14.660. There is still potential for the downside movement and test of the upper parallel trend line at $1.633 and even test of major support at $1.612.

I would watch for selling opportunities on the rallies with the downward targets at $1.633 and $1.612. Only if the Gold breaks the resistance at $1.660, I would watch for buying opportunities towards $1.686

MACD oscillator is showing that slow line turned to the downside, which is another confirmation for the downside rotation.

Resistance level is set at the price of $1.660 and $1.687.

Support levels are set at the price of $1.633 and major at $1.612.

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