Gold Consolidates Near The Trend Line

The precious metal has maintained a firm grip near the rising trend line, with prices consolidating near the 1930 level.

To the upside, the resistance level near 1967 remains within reach. But only a strong close above this level will mark further gains.

This opens the downside bias in the precious metal. If gold loses the 1911.50 handle, then we expect a move down to the 1817.80 level of support.

The Stochastics oscillator is strongly oversold, and this might signal a rebound near the 1911.50 level of support.

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