Gold ended the sideways trading in a twenty dollar range just after mid-day on Monday. The commodity price passed the support of the 1,722.20/1,725.30 zone. It resulted in a sharp move down, which was followed by narrow sideways trading.
On Tuesday, the decline resumed, as by the middle of the day, the price had almost reached the 1,690.00 level.
In the near term future, the yellow metal was expected to continue to decline until it reaches the support of the March low levels near the 1,680.00 mark. If the zone of the low levels, provides support, the metal could trade sideways above it and consolidate the drop.
On the other hand, a failure of the low levels to provide support could result in the metal reaching the 1,650.00 level.
