Technical analysis:
Gold has been trading downside as I expected and there is potential for further downside movement.
Trading recommendation:
Due to the rejection of the strong resistance at the price of $1.667 and triangle pattern in creation, I see potential for further downside movement.
Watch for the potential selling opportunities with the downside objective at the price of $1.622.
MACD oscillator is showing weak buying power and potential for further downside movement.
Key resistance is set at the price of $1.667
