Technical analysis:
Gold has been trading sideways at the price of $1.58. I found that Median Pitchfork line is reached and I do expect further rotation around it and potential downside movement towards $1.562 and $1.547. Anyway, to confirm potential downside movement, I would like to see the breakout of support at $1.577.
Watch for selling opportunities and potential downside rotation towards $1.562 and $1.547. I would avoid upside breakout under this condition.
Stochastic oscillator is showing overbought condition and potential for downside rotation.
Short-term resistance is set at the price of $1.585 and $1.593
Support levels and eventual downward targets are set at the price of $1.562 and $1.547.
