Technical analysis:
Gold has been trading sideways at the price of $1.945 but I see test of the key resistance zone around $1.950.
Due to the breakout of the key support zone and potential re-test of the resistance, I see potential for the further downside movement towards lower reference.
Downside objective is set at the price of $1.914
RSI oscillator is showing reading below 50 level and bearish reversal, which is good sign for the further downside movement.
Key resistance is set at the price of $1.955-$1.970
