Source: Forex Analysis
Gold has been trading sideways at the price of $1.553. The price tested and rejected of the level of $1.557. I see further downside on the Gold and potential re-test of $1.536 and $1.524.
The breakout of the mini Pitchfork upward channel is the early trigger for the downside. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.
MACD oscillator is showing decrease on the upside momentum, which is sign of the weak buying.
Resistance levels and upward targets are seen at the price of $1.558 and $1.562.
Support levels and downward targets are set at the price of $1.536 and $1.524.
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