Technical analysis:
Gold has been trading downside as I expected and the price has reached first objective at the price of $1.680. Anyway, I still see strong downside momentum and potential for the bigger drop towards next downside reference.
Trading recommendation:
Due to the strong downside pressure in the background and breakout of the key multi-year support at the price of $1.680, I see potential for further drop.
Watch for the selling opportunities with the next major downside objective at the price of $1.574.
MACD oscillator is showing fresh downside momentum, which is strong sign that sellers are in control.
Key resistance is set at the price of $1.690
