Technical analysis:
Gold has been trading downside this morning and I found the breakout of the tight triangle in the background, which is good sign for further downside movement.
Trading recommendation:
Due to the breakout of the triangle pattern I see potential for further drop towards downside references.
Watch for the potential selling opportunities with the downside objectives at $1.639 and $1.616.
Stochastic oscillator is showing fresh bear cross, which is strong sign that sellers are in control.
Key resistance is set at the price of$1.660
