Gold has been trading downwards. The price is testing the major support trend line at $1.470. The price is at the critical decision level at $1.570 and you should watch carefully the price action around it.
The breakout of the $1.470 to the downside will confirm test of $1.563, $1.545 and $1.535. If you see that downside breakout, watch for selling opportunities on the rallies using intraday frames 5/15 minutes...
The rejection of the critical pivot support at $1.570 would confirm rotation back towards the level of $1.560 and $1,590.
I would give more odds to the downside breakout...
MACD oscillator did show bearish divergence on the last rally, which is a sign that buyers lost momentum.
Resistance levels are set at $1.580 and $1.590.
Support levels are seen at the price of $1.570, $1.563, $1.545 and $1.535.
