FX.co ★ Gold under pressure

Gold price has broken below $1,850 once again. Price continues to trade sideways between $1,830 and $1,870. Price is now at the lower trading range boundary. Breaking below $1,830 will imply more downside to be expected towards $1,800.

Gold price got rejected once again around $1,870 and is now back near 2021 lows. Support is at $1,830 and next at $1,800. Short-term traders could take advantage of the swings inside the trading range and be bullish as long as price holds above $1,830. $1,850 upside potential if $1,830 holds. Medium-term support is found at $1,800-$1,810. Breaking below it will open the way for a move towards $1,750 and lower. $1,850 remains key pivot level.