Gold Prices Could Bounce Higher in the Short Term

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The precious metal continued to move lower following a brief pause for two sessions.

However, as prices make a new low, there is a strong bullish divergence building up on the Stochastics oscillator.

This could mean that the precious metal might be preparing for a short term correction.

Still, the gains could see price testing the 1817.80 level. Given that this level held up as support previously, a rebound could see resistance forming.

This will keep the downside bias intact. But if gold breaks above 1817.80, then a larger correction towards 1850 is quite likely.

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