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Technical analysis:
Gold has been trading downside in the background and I see potential for the further drop due to the downside momentum and the short-term downside condiiton.
Potential bear flag is in creation and I also found negative reversal on RSI oscillator, which is another good confirmation for the further downside movement.
Downside objective is set at the price of $1.965
RSI oscillator is showing negative reversal and the reading just above the 40 mark, whic is sign that we have downside pressure and trend.
Intraday resistance is set at the price of $1.991
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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