The precious metal recovered from the losses from Thursday as price action turned bullish.
Gold prices managed to steadily climb into Friday’s close, settling at 1809.96. This, however, marks a lower high.
Gold prices have found it difficult to break out about the nine-year highs of 1817.79. Therefore, if the consolidation continues, we might see a correction unless gold manages to close above the 1817.19 price area.
To the downside, the 1800 level remains a key support area for now, but a close below this level will open the way for a test toward the 1779.16 level of support.