The precious metal is down over 1.5% intraday as price action failed near the 1911.50 – 1900 level of support. This has pushed price action lower.
However, the declines might not be out of the woods yet.
There is a possibility that gold prices could reverse direction once again.
To the upside, the 1911.50 level will once again come under pressure as a resistance area.
To the downside, the 6th October lows near 1873 remains the line in the sand for now.
If gold prices break this level then we expect the downside to push toward the 1817.80 level of support next.