Forex Trading Library

Gold Prices Close Flat Above 1800

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The precious metal is gaining some support off the 200-day moving average. Price action is closing flat on the day, which could signal some near term reversal.

This would mean that gold could potentially rise to test the 1817.80 level. As long as resistance forms here, further downside can be expected.

However, if the precious metal rises above the 1817.80 level, then we could expect further gains.

This would mean that the 1850 level of support might be re-tested as a resistance level.

To the downside, the continued declines could see the 1750 level coming into the picture next.

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