The precious metal is likely to close flat once again, marking a flat print for the second consecutive day.
Although prices rose higher intraday, the gains quickly disappeared. There is a possibility of prices forming a bearish flag pattern currently.
Therefore, if gold prices break down below the 1817.80 level of support, this view will be validated.
The bearish flat pattern potentially signals a stronger correction to the downside. This could push prices down to the November 30th lows near 1770.00.