The precious metal is also feeling the brunt of a stronger US dollar.
While price action accelerated to the downside on Tuesday, we see a rebound just close to the 1900 region where support has held up so far.
Still, the lower highs forming casts a bearish outlook for the precious metal.
In the short term, we could see some rebound that could keep prices buoyed to the upside.
But the resistance level near 1967 is unlikely to give up either.
As a result, the precious metal could continue its ranging price action within the said levels for the short term.