Technical analysis:
Gold has been trading upwards.The price reacehd main multi-pivot resistance at the price of $1.655. I expect downside movement and potential test of $1.626 and $1.611.Watch for selling opportunities due to test of major resistance and lack of demand around pivot. Any bearish pattern on low frames like 15/30 minutes can be the trigger for the sell.
Stochastic oscillator is showing overbought condiiton and bearish divergence, which is indication that buying looks risky and selling very attractive.
Resistance levels are set at the price of $1.655-$1.660
Support levels and downward targets are set at the price of $1.626 and $1.611.
