Technical analysis:
Gold has been trading sideways at the price of $1.653. I found the symmetrical triangle in creation and I see potential for the breakout.
Trading recommendation:
Due to the triangle in creation and downside trend in the background, I see potential for the breakout.
Watch for the potential breakout of the triangle to confirm further direction.
Downside breakout of the support at $1.648 may confirm further drop towards $1.640 and $1.617.
Stochastic oscillator is showing fresh downside cross, which is early warning for potential further drop.
Key resistance is set at the price of $1.667
