Technical analysis:
Gold has been trading downside and the market has reached our first downside objective at $1.997. Sellers are still in control and I see potential for the further downside movement.
Due to the downside momentum and no major sign for the reversal, I see potential for the further drop towards next downside reference.
Downside objective is set at the price of $1.971
RSI oscillator is showing downside trend condition, which is another sign for the further downside movement.