Gold Prices Get a Boost from Weaker USD

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The precious metal has been posting strong gains on the back of the US dollar. Gold prices are up nearly 2% intraday on Tuesday.

The rebound also coincides with the impending correction in gold, as mentioned a day before. For the moment, we expect prices to retrace to the 1817.80 level.

If this level holds, then gold prices could establish resistance. This will in turn renew the downside bias in the precious metal.

The 1800 level once again comes into the picture, with the potential for gold to post further losses.

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