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Gold Price Confined to Friday’s Range

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The precious metal is trading subdued with price action firmly stuck within Friday’s range.

With both the Asian and US markets closed, trading in the precious metal is slow. Price action is back near the support level of 1817 region.

For the moment, the support level seems to be holding up which could provide a short-term boost to the upside. The resistance level near 1850.00 will likely once again act as resistance keeping a lid on any further gains.

However, watch the stochastics oscillator which is likely to signal a shift in the momentum.

In the event that gold prices lose the 1817 support, we could expect price action toward the 4th February lows at 1784.79.

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