The precious metal continues to post strong declines. On Friday, the commodity lost over 3% into the close to settle at 1847.
Prices are now trading near a three-week low. The weekly bearish price action candlestick is also likely to signal a continuation lower.
The next key level of support comes near the 1817 level. If gold prices lose this handle, then we might get to see a stronger decline.
The next main support level will be found near the 1671 level and would potentially mark a strong retracement after testing new all-time highs just a few months ago.