Gold Prices Show no signs of letting go

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The precious metal continues to trade rather flat with a strong range established within the levels of 1738.65 and 1678.31. This sideways range is now into its third week of consolidation.

There is no clear trend that is showing so far, as price consolidation continues near the top end of the rally. Gains are to be expected only if gold prices can settle above 1738.65.

With the Stochastics oscillator also trading flat, the sideways range might continue for a while, keeping the bias mixed. To the downside, the lower support area of 1630 will be the clear target in the event of a breakdown lower.

However, regardless of the breakout, buyers are likely to step in, especially near the 1630 level. Further declines might come on a close below the 1630 support weakening the case for a move higher.

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