Technical analysis:
Gold has been trading downside after the breakout of the rising wedge and triangle pattern i the background, there is chance for further downside movement.
Trading recommendation:
Due to the breakout of the rising wedge and triangle pattern in the background, I see potential for further drop towards downside references.
Watch for selling opportunities on the intraday rallies with the downside objectives at $1.649 and $1.640.
MACD oscillator is showing downside reading, which is sign that sellers are taking control.
Key resistance is set at the price of $1.674