The precious metal is trading comfortably above the 1800 level on Monday. Price action briefly dipped to the psychological round number level to establish support.
However, we see a lower high forming near the top. If gold prices fail to make any further gains, we could expect to see a short-term correction.
Price action will no doubt test the 1800 level once again. But if gold prices lose this handle, then we expect prices to correct toward the 1779 – 1780 region where the next major support level exists.
