Gold has been trading downwards. Important support at the price of $1,483 is broken to the downside and I do expect more downside to come. Next good support and downward objective is set at $1,465.
Yellow rectangle – Support which became resistance
Green rectangle – Support and objective
Falling purple line – Expected path
MACD oscillator is showing new momentum low, which is good indication for the further downside. I placed Fibonacci expansion to find potential downward target and I got FE 100% at $1,465. Watch for potential selling opportunities on the rallies on 5/15 to time your entries better.
