The precious metal once again failed to breakout above the key 1950 level of resistance.
Following the failure, gold prices lost close to 2.30% intraday. The declines push gold prices back to the key support level near the 1900 – 1911 price area.
As long as this support level holds, gold is likely to post a rebound.
However, if price closes convincingly below the 1900 level then that could potentially put an end to the current rally.
For the moment, the bias in gold prices remains mixed.