The precious metal did not react much to the news of the ECB’s stimulus expansion. As a result, gold prices remain fairly settled above the 1850 levels for the moment.
As long as this support holds, we can expect price action to trade flat.
To the upside, gains will be very likely capped near the 1900 -1911 levels.
To the downside, if the support level gives way, then gold prices could be looking at steeper declines.
Prices will likely fall back to the next key support area near 1817.80.
