The precious metal is consolidating into a sideways range after falling below the 1817.80 level of support.
On the daily chart, we have the long term support coming from the 200-day moving average.
With price action closing flat, there is a risk of prices making a pullback. This could mean that a close above 1817.80 could signal further gains to the upside.
It will then open up the way for gold prices to retest the 1850 level next.
Given that this level previously served as support, a retest of resistance will confirm the downside bias.
Written by Admin
The PayPal app shown on an iPhoneKatja Knupper | DeFodi Images | Getty ImagesCheck out ...
The International Monetary Fund warned Tuesday that there's a risk inflation will prove to be ...
Barclays and HSBC buildings are seen amid the outbreak of the coronavirus disease (COVID-19), in ...