Technical analysis:
Gold has been trading upwards at the price of $1.588. I see big risk for the Gold around this zone $1.588-$1.592 due to strong resistance there. I expect further downside rotation towards the level of $1.561
The Gold is trading inside of the Pitchfork upward channel. Potential breakdown of the lower diagonal ($1.585) will confirm sell signal.
MACD oscillator is showing bearish divergence and lack of the buying power.
Stochastic oscillator is showing overbought condition, which is another confirmation for the risk of being long on the Gold.
Major resistance is set at the price of $1.593
Support levels are seen at the price of $1.576 and $1.561
