Technical analysis:
Gold has been trading downside this morning and I found potential for the further drop towards the next downside reference.
Due to the short-term downside trend and breakout of the consolidation area, I see potential for the further drop towards lower reference point.
Downside objective is set at the price of $1.914
MACD oscillator is showing fresh downside momentum, which is good sign for the further downside movement.
Key resistance is set at the price of $1.927
