Forex Trading Library

Gold’s Decline Stalls Near 1800

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The precious metal is consolidating into a sideways range after falling below the 1817.80 level of support.

On the daily chart, we have the long term support coming from the 200-day moving average.

With price action closing flat, there is a risk of prices making a pullback. This could mean that a close above 1817.80 could signal further gains to the upside.

It will then open up the way for gold prices to retest the 1850 level next.

Given that this level previously served as support, a retest of resistance will confirm the downside bias.

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