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Gold Prices Confined To Friday’s Range

The precious metal is trading subdued with much of price action staying within the range from last Friday.

As a result, price action is seen consolidating near the 1850 level of support multiple times. This consolidation could potentially give way for the markets to break out in the near term.

To the downside, the 1817.79 level of technical support remains within scope. Given the multiple rejections near this level recently, we expect the support level to hold.

Meanwhile, to the upside or close above the recent highs near 1873 to 1874 level could see prices eventually rising toward the 1911.50 technical resistance.

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