Technical analysis:
Gold has been trading upside in the defined upside channel. Due to channeling mode, I see potential for the potential breakout play to the downside.
Due to the lack of buying power and divergences in momentum, I see potential for the breakout and downside movement towards lower references.
Downside objectives are set at the price of $1.965 and $1.952
Stochastic oscillator is showing bearish divergence, which is good sign for the downside movement.
Key resistance is set at the price of $1.985
