Technical analysis:
Gold has been trading upside but in well defined upside channel, which is in my opinion corrective in nature.
Trading recommendation:
Due to the potential end of the upside correction, I see space for further downside movement.
Watch for potential selling opportunities on the intraday rallies with the downside objectives set at $38.580 and $37.800.
Stochastic oscillator is showing fresh bear cross, which is sign that there potential for the downside rotation.
Key resistance is set at the price of $40.600
