Gold Prices Give Back Gains from Monday

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The precious metal is trading weaker on Tuesday despite a modest risk-off sentiment.

Price action is trading rather flat, indicative of the holiday-thinned trading. For the moment, gold prices are supported above the 1850 level.

As long as this support holds, gold prices could maintain an upside bias toward the 1900 – 1911 region.

Only a strong breakout from this range will set the direction for the next leg in the long term uptrend.

For now, price action remains within the long term uptrend price channel.

But this could change if we see a close below 1850.00.

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