Gold has been downwards and the price tested the level of $1.495. Gold got a failed test of the resistance at $1.510 in the background, which is sign that buyers lost power and potentially became overbought. There is a chance that Gold my try to trade towards support $1.490.
Yellow rectangle – Intraday resistance ($1.500)
Purple horizontal line – Important swing low ($1.490)
Gold has failed to break the important swing high at $1.510 in the background, which is sign for potential downward movement. I see potential intraday selling opportunity at $1.500 with targets at $1.490-$1.482. MACD oscillator is showing low momentum, which represents the balanced regime. As long as the Gold is trading below that $1.505, watch for selling on the rallies.
