Technical analysis:
Gold has been trading downside as I expected. Gold has reached both downside targets and it is heading towards third objective. Supply is still strong with no signs for the reversal.
Trading recommendation:
Due to the strong downside pressure and bear trend, I see potential for the further drop in case of the breakout of the pivot support at $1.680.
Watch for potential selling opportunities on the intraday rallies with the next downside objective at the price of $1.650.
MACD is showing strong selling pressure with no sign for the reversal.
Key resistance is set at the price of $1.700
