Gold Posting A Modest Recovery

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The precious metal is seen rising from the three-week low it hit earlier this week. Price action is currently up over one percent intraday as it approaches the 1967 level where we might see some resistance building up.

A close above this level will possibly confirm a continuation to the upside. But in the event that price action fails to close above the resistance area, we could see a move back lower.

For now, the swing low near 1881 will be critical. A close below this low will possibly accelerate the declines.

The next lower support level is near the 1818 handle.

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