The precious metal is posting declines, albeit at a slower pace in comparison to the day before.
The precious metal is trading near the 1911 region, which has in the past proven to be a strong support and resistance level.
With the Stochastics oscillator now moving to the oversold levels, this could offer a rebound. There is also a confluence of the lower channel from the rising price channel.
As a result, gold prices could be looking to correct higher. However, if the rebound is met with a lower high formation, then it could potentially signal a move lower with 1911 coming back into focus as the line in the sand.