30.10.201916:12 Forex Analysis & Reviews: Gold 10.30.2019 - Failed test of the Pitchfork median line, watch for downside break

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Gold is trading inside of the trading range at the price of $1.492. Anyway, I found few failed tests of the median line, which is sign that buyers don't have enough power for stronger upside break. Watch for potential breakout of support at $1.483 to confirm further downside movement.

Yellow lines – Pitchfork upward channel

White falling lines – New Expected path

Horizontal white lines – Important resistance levels

Based on the 4H time-frame, I found that there is failed test of the yellow channel Median Line, which is sign that buyers didn't have enough power for the full-test. RSI oscillator showed us peak on the previous upside push and failed test of ML, which is another sign of the weakness. Downward objectives are set at $1.460 and $1.436. Key resistance is set at $1.517.

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