Gold Stays Muted Despite a Weaker USD

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The precious metal is trading subdued, unmoved by the weaker US dollar. As a result, prices remain rangebound within the 1850 and 1818 levels for the moment.

The stochastics oscillator also remains rather flat suggesting the sideways movement is likely to continue on for a bit further.

Only a strong breakout within this range could result in a potential direction being established in the near term.

The bias also remains mixed at this moment. On the daily chart, following the strong rejection below 1817.79, prices have managed to close bullish.

However, the resistance level near 1850 will prove to be critical at this point.

The stochastics on the daily chart timeframe remains near the oversold level, therefore giving support to the upside buyers if there is a breakout above 1850.

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