Gold analysis 04.02.2020

Gold is trading in the range of the lower border of the descending price channel. The inclined channel of the downward correction pattern is broken. An uptrend is formed within the overall uptrend. Also, Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy on the formation of an ascending pattern, above 1580.0.

Stop loss – 1570.0.

Target levels: 1590.0; 1600.0; 1610.0.

If the price drops to the support level of 1570.0, the trading plan must be reorganized.