Gold Prices Continue to Drift Sideways

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The precious metal continues to trade flat and in a rather tight range.

This comes as price action remains supported above the 1850 level in the longer term.

However, the daily candlestick pattern indicates a possible move to the downside. But this could change on a daily close above 16 November highs of 1899.

To the downside, the 1850 level will continue to hold prices from declining further.

The Stochastics oscillator on the daily chart is signaling a bearish move which could see price action falling to the 1850 level once again.

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