Technical analysis:
Gold has been trading downside as I expected. Gold reached first downside objective at the price of $1.950/
Trading recommendation:
Due to the breakout of the rising trendline and strong downside momentum, I see potential for further bearish continuation.
My advice is to watch for selling opportunities on the rallies with the downside objective at the price of $1.920
MACD is showing negative reading after 20 days of positive reading, which is good sign for change in momentum.
Resistance is set at the price of $1.975
