Gold Pares Losses, But Yet to Regain the 2000 Level

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Gold prices were trading volatile after price action fell to intraday lows of 1902.55 before pulling back higher.

The main resistance is seen at the 1967.13 level which could be tested in the near term if the rebound continues.

To the downside, gold prices will need to test the previous lows around 1881. Only a close below this level will indicate further declines.

As a result, we expect the precious metal to hold this range.

Unless there is a strong breakout from either of these levels, price action could remain trading sideways for now.

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