Technical analysis:
Gold has been trading downside as I expected. The price has reached the first downside objective at $1.753 and is heading towards next targets.
Trading recommendation:
Due to the strong supply and broken consolidation pattern, I see further drop in play.
Watch for potential selling opportunities on the intraday rallies with the downside objective at $1.735.
MACD oscillator is showing fresh new momentum to the downside, which is another confirmation of the momentum.
Key resistance is set at the price of $1.771
