08.04.202014:00 Forex Analysis & Reviews: Analysis for Gold 04.08.2020 - Key pivot at the price of $1.645 on the test, potential for down break towards the level of $1.607

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Technical analysis:

Gold has been trading sideways at the price of $1.645. The level at the price of $1.645 is key pivot level for further development.

The eventual downside breakout of the support at $1.645 would confirm test of $1.607 or even $1.570.

My advice is to watch for selling opportunities if you see the breakout of the support at $1.645. The downward targets are set at the price of $1.607 and $1.570.

MACD oscillator is showing that the slow line turned to the downside, which is another indication of potential downside rotation.

Resistance levels are set at the price of $1.673.

Key support level is set at $1.644.

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