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Gold Prices Rise for Three-Consecutive Days

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The precious metal is posting strong gains, rising for three consecutive days. Despite the gains, prices are below the 1850 level of resistance.

In the near term, we might expect prices to move sideways within the 1850 and 1817.80 level. If price breaks out above 1850 level, we could expect to see further gains.

The next key level will be near the 1874.00 resistance level. To the downside, the support level near 1817.80 will likely keep prices supported from any further declines.

Meanwhile, we continue to see the hidden bearish divergence forming on the 4-hour chart.

Therefore, it is quite likely that the 1817.80 level could be tested in the near term.

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