Gold Prices Likely Forming a Temporary Bottom

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The precious metal is attempting to make some gains on the day following the recent sharp sell-off from earlier in the week.

Price action is now nearing the recent highs from just the day before.

Still, the overall trend looks to be slowing for the moment, forming a sideways consolidation.nThis could potentially result in prices breaking out.

The bias remains to the downside for the moment with the 1850 level staying critical for the commodity.

A break down below the 1850 level could accelerate the decline further.

To the upside, the recent highs near 1882 will need to be breached for any upside gains to materialize.

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