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Technical analysis:
Gold has been trading downside as I expected and the first downside objective at the price of $2.040 has been reached. Sellers are still in control and I see potential for the further downside movement.
Due to the strong reversal and buying climax in the background plus breakout of the rising trend-line, I see potential for the further downside movement towards next downside levels.
Downside objective is set at the price of $2.000
RSI oscillator is showing reading around 40, which is sign of the change for the potential trend from bullish to bearish.
Key resistance is set at the price of $2.075
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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