Gold Rises After Monday’s Declines

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The precious metal is trading about 1% higher on Tuesday.

The gains came after price action fell to the 1850 level briefly. With traders rejecting prices near this level, gold prices made a modest bounce to the upside.

Despite the modest gains in comparison to Monday’s fall, gold prices could be looking to settle into a range.

The upside will once again be challenged near the 1911.50 – 1900.00 level of resistance.

To the downside, the 1850 level is firmly established as strong support level.

Only a breakout from either of these levels will determine the next direction in the commodity.

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