Gold Prices Gain But Likely to Trade Flat

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The precious metal settled above the 1817.80 level on Friday, with some modest declines.

Price action has been trading above after rising above this level last week.

A sideways range is emerging as a result of gold prices trading between the 1850 and the 1817.80 levels for the moment.

We could expect to see prices resuming the downside if it fails to rise above 1850.

The Stochastics oscillator is also moving out from the overbought levels indicating the move lower.

For now, the previous lows near 1771 remain the key downside target for gold.

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