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Technical analysis:
Gold has been trading downside as I expected and the downside objective has been reached at the price of $1.711. I still potential for further downside movement.
Trading recommendation:
Due to the strong downside momentum and no signs for the reversal, i still see potential for further drop.
Watch for potential selling opportunities on the intraday rallies with the downside objective at the price of $1.680.
MACD oscillator is showing fresh new downside momentum, which is another sign that sellers are in control.
Key resistance is set at the price of $1.726
Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
