Gold Trades Above 1800, but Fails to Make New Highs

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The precious metal is holding steady above the 1800 psychological level. However, price action is yet to post fresh highs.

During the intraday session on Tuesday, price briefly slipped to lows of 1790.28.

However, price action was rejected at this level, pushing gold to close above 1800.

If the precious metal fails to breakout above the 9th July highs of 1815.77, we expect the sideways consolidation to continue.

This would probably increase the odds of gold prices making a correction down to the 1780 level of support.

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