Gold has been trading downwards. As I expected, the price tested the level of $1,557. I see further downside on the Gold and potential re-test of $1.552 and $1.546. Additionally, there is the breakout of the Pitchfork upward channel.
The rejection of the strong pivot level at $1.567 in the background was key factor for the downside. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.
MACD oscillator is showing negative reading below the zero and slow line is turning to the downside.
Resistance levels are set at the price of 1$1.562 and $1.567
Support levels and downward targets are set at the price of $1.552 and $1.546.
