Gold has been trading sideways at the price of $1,500. I found rejection of the important resistance at the price of $1,512 and I expect further downside movement.
Yellow rectangle – Important resistance level
Green rectangles – Important support levels
Purple falling line – Expected path
I found good rejection of the important resistance at $1,512, which is sign that sellers are in control .MACD oscillator is showing bear divergence, which is another confirmation for the further downside. My advice is to watch for selling opportunities on tha rallies on 5/15 min time-frames.
Resistance levels are seen at:
$1,510
$1,512
Support levels are seen at:
$1,486
$1,467
