Gold Pares Losses but Remains Subdued

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The precious metal is on track to close on Tuesday with some modest gains.

This puts price action to reverse the declines from the day before. For the moment, the overall trend remains flat.

Within the short term price charts, the rising price channel’s lower support is holding up. But unless gold prices break out above the recent swing highs of 1898.44 from 28 December, we could expect a move lower.

To the downside, a close below 1872.50 could open the way for a correction to the 1850 level once again.

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