Technical analysis:
Gold has been trading downside as I expected and the price has reached the first downside objective at the price of #1.639. Anyway, I see potential for further downside movement due to the breakout of the triangle.
Trading recommendation:
Due to the breakout of the the triangle pattern, I see potential for the further drop towards the next downside reference level.
Watch for the potential selling opportunities on the intraday rallies with the downside objective at $1.616
MACD oscillator is showing downside reading, which is sign that sellers are still in control.
Key resistance is set at the price of $1.653
