The precious metal is trading flat on Thursday following the sharp declines from the day before. Price action has not yet tested the 30 November lows of 1764.22.
For the moment, we expect gold prices to consolidate between 1817.80 and 1764.22 levels. A breakout below 1764.22 could however extend declines down to the next key level near 1750.
On a weekly basis, prices are consistently posting lower lows.
However, the support level around the 1764 region is holding up. A weekly close below this level could open the way for further downside in the precious metal.