Gold has been trading sideways at the price of $1.555 but with the strong rejection of the resistance in the background at $1.562. I expect further downside movement towards the support at $1.536.
Due to strong rejection of our critical pivot level at $1.562, watch for selling opportunities on the rallies using the lower fames 5/15 minutes.
MACD oscillator is showing negative reading below the zero and the slow line is tuned to the downside.
Major resistance is set at the price of $1.562.
Support levels and downward target is set at the price of $1.535.
