Gold Price Loses the 1900 Level

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The precious metal gave back the intraday gains on Tuesday and price action now looks weaker to the downside.

Following the reversal near the 1900 region, the resistance level has been tested.

We expect the current declines to extend down to the 28 September lows near 1850. A breakout below this level is required to confirm further downside.

The next main support area is in the 1817.90 region. This will probably confirm the downside as the next key round-number support at 1700 will open up.

To the upside, a close below 1850 could see this round number being tested for resistance once again.

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