Gold Prices Likely to Close Bearish for a Second Day

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The precious metal is failing to capitalize on the support level it established near the 1764 handle. Prices are falling for the second day, albeit the pace of declines is limited in comparison.

To the upside, the reversal comes just a few points below the 1817.80 level. Given that this level was already established as resistance, we expect prices to hold between the two levels for the moment.

On the weekly chart, we have the double bottom pattern that has formed around the 1764 handle.

Therefore, a breakout above 1817.80 is needed to keep the bullish bias alive.

A close above 1817.80 will open the way for gold prices to challenge the 1850 handle next.

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