The precious metal continues to trade flat for the second consecutive session. As a result, price action is trading within a tight band of the 1850 and the 1825 levels in the near term.
The Stochastics oscillator remains biased to the downside. This could mean that if gold prices lose the 1817.80 level of support, then we expect the downside to continue.
The next key level of support will be near the 1750 level. It would also mean that gold prices will be moving lower beyond the 30th November lows of 1764.22.
To the upside, price action will need to firmly close above 1850 and continue to the 1900 level to establish the uptrend.
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