Technical analysis:
Gold has been trading to the downside. Price tested our downward target at the price of $1.568. I see further downside continuation and potential test of $1.563 and $1.557.
My advice is to watch for selling opportunities on the rallies with the first downward target at $1.563.
Stochastic oscillator is showing overbought condition, which is sign that selling might come from here. There is also breakout of the Pitchfork warning line 1 and potential test of the second.
Resistance levels are set at the price of $1.572 and $1.578
Support levels and downward targets are set at the price of $1.563, $1.557 and $1.546.
