Gold been trading sideways at the price of $1.667.Today, we got the breakout of the upward channel, which is first indication for potential bigger downside movement.I would still watch selling opportunities on the rallies with the main targets at $1.610 and $1.584 (Pitchfork median line). In the background, there is the fake breakout of the major swing high at $1.689 and the breakout of the upward channel, which is good confirmation for our bearish view.
Stochastic oscillator is showing downside cycle .
Resistance levels are set at the prrice of $1.689 and $1.702.
Support levels are set at $1.657, $1.641 and $1.610
