The precious metal is extending its bullish momentum. Price action is trading above the key resistance level of 1818.80.
As long as gold prices remain firmly above this level, we could expect further gains. This could extend the correction further.
The next key level is at the 1850 handle. However, gold prices might need to establish support near 1818.80 before further gains.
The overall bias is to the downside however amid this short-term correction.
This view could, of course, change if gold prices close above 1850 convincingly.
