Gold has been trading downwards as we expected. Since the Gold did rejection from our major multi-pivot resistance at $1.515, downside was preferable. Anyway, there is still little more space for downside and selling on the rallies would be preferable.
Next important pivot levels are set at the price of $1.482-$1.475. This zone will be very important for the further development on the Gold. Watch the price action around it.
Rejection of this zone can confirm further upside but the downside breakout may confirm further bearish sentiment and potential test of major low at $1.459.
MACD oscillator made new momentum down, which is sign that sellers are in control.
