Spot gold against USD analysis and chart

The general trend is descending. Gold is trading in a 365 and 135 EMA range directed downward. Awesome Oscillator indicator shows bearish divergence, and Stochastic Oscillator indicator signals overbought. A breach of 1659.50 will generate a descending wave structure, where wave (A) breaches the inclined channel of the ascending structure.

Trading idea:

Sell on a breach of 1659.50.

Stop Loss: 1676.00.

Target levels: 1641.00; 1616.00.

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