The precious metal is trading subdued, in anticipation of further news on the stimulus proposal from the new Biden administration.
Price action is strongly consolidating near the 1850 handle for the moment. This could continue for a while before leading to a strong breakout.
The bias also remains mixed at the moment. To the upside, gold prices need to post a strong breakout above the 1850 handle, which will open the way to the 1911 – 1900 resistance level next.
To the downside, the 1817.80 level of support once again comes into the picture.
