Technical outlook:

Gold continues to drift lower since $1,765 highs over last week. The yellow metal is seen to be trading around $1,705/06 levels at this point in writing and is expected to push through $1,702/1,700 before it finds some support. The short-term targets for Gold are pointing towards $1,690 and $1,660 levels respectively. A break below $1,660 will confirm that a meaningful top is in place at $1,765, and that Gold is setting up for a deeper correction. Immediate resistance is seen around $1,740, while support comes in at $1,690 levels respectively. Intraday corrective rallies are possible but they should remain well capped below $1,740 going forward. The medium term targets for Gold remain lower towards $1,550 and $1,450 respectively.

Trading plan:

Remain short with @ $1,765, targeting $1,660 and lower.

Good luck!