Gold Price Analysis: According to strategists at goldsilverreports.com, gold price needs to hold below the $1766 level neighborhood to maintain its immediate downside bias.
forex gold price
Gold Trades with Modest Losses Around $1850 Region
Gold traded with a mild negative bias through the early European session and was last seen hovering near daily lows, around the $1850 region.
Gold Prices falls over 1%, pinched by firm dollar but on course for weekly gain
Spot gold prices fell 1% to $1,851.50 per ounce by 10:10 a.m. EST (1510 GMT), retreating from a two-week high hit on Thursday. The metal was up 1.4% so far this week.
Spot gold Prices Have Been on The Front Foot in Recent Trade
Spot gold prices have been on the front foot in recent trade, with a boost coming at 13:30GMT in the form of slightly softer than expected US Consumer Price Inflation numbers. Spot gold popped above the $1840 level and Wednesday Asia session highs at $1842, but has so far failed to break above $1850. As things stand, the precious metal trades with gains of close to $8 or 0.5% on the day.
GOLD TECHNICAL ANALYSIS : Gold Support Zone $1840—$1838, Below Target $1810 ——$1780 – Neal Bhai Reports
GOLD TECHNICAL ANALYSIS : Gold prices are under down trend now-familiar range support in the 1840-$1838 Level. Breaking below this barrier on a daily closing basis looks likely to open the door for target $1810/oz figure to challenge former resistance in the $1780 zone. Alternatively, an upswing past the $1910 inflection region probably targets the swing top @ $1958.