Technical analysis:
Gold has been trading in the sideways range at the price of $1.813 but in the downside trending condition, which is a sign for potential downside continuation.
Due to the strong downside pressure in the background and rejection of Fibonacci confluence, I see potential for the further drop.
Downside objective is set at the price of $1.770
MACD oscillator is still showing downside reading, which is sign that sellers are in control.
Key resistance is set at the price of $1.857
