Gold Trades Soft After Two-Day Gains

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The precious metal is trading on a weaker note on Wednesday following two days of consecutive gains.

Price action is reversing direction just below the 1988 level of resistance.

Ideally, we expect to see gold rising toward this level with the potential of turning lower.

Although gold prices remain bullish, further gains can only come on a close above the 1988 level.

For the near term, gold prices might settle into a range between the 1988 and the 1967 levels.

A breakout from one of these levels will set the course of the trend in the medium term.

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