The precious metal is looking to reverse the recent sharp declines. Prices closed almost flat on Thursday. Thus a follow-up bullish close on Friday could see some near-term gains being made.

But the correction could hit the resistance level near the 1911.50 – 1900 region. Only a strong breakout above this level could confirm further gains to the upside.

If gold prices reverse near this resistance level, then we could expect further declines in the near term.

- advertisement -

However, this is subject to prices breaking past the current lows formed near 1850 region.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.