The precious metal is down over two percent on an intraday basis.
The declines accelerated after the precious metal lost the footing near 1817.89 support.
The sharp declines could see the precious metal touching down to 1764.22 where the next key support level resides. This will put gold prices down to a three-month low.
The formation of a lower low will no doubt change the bias in gold prices to the downside.
However, we expect the declines to hold near the 1764.22 level in the medium term.
