Technical analysis:
Gold has been trading upside in the background but I see big rejection of the important resistance at $1.667, which is sign that there is potential for the downside rotation.
Trading recommendation:
Due to the strong rejection of resistance in the background and overall downside trend, I see potential for the downside movement.
Watch for the potential selling opportunities with the downside objectives at $1.636 and $1.622.
Stochastic oscillator is showing fresh bear cross from the overbought condition, which is sign that there is potential for the downside rotation.
Key resistance is set at the price of $1.667
