Gold has been trading downwards. As I expected, the Gold tested the level of $1.632 and reached our downward target from yesterday at $14.660. There is still potential for the downside movement and test of the upper parallel trend line at $1.633 and even test of major support at $1.612.
I would watch for selling opportunities on the rallies with the downward targets at $1.633 and $1.612. Only if the Gold breaks the resistance at $1.660, I would watch for buying opportunities towards $1.686
MACD oscillator is showing that slow line turned to the downside, which is another confirmation for the downside rotation.
Resistance level is set at the price of $1.660 and $1.687.
Support levels are set at the price of $1.633 and major at $1.612.
