The precious metal broke past the 1850 level of support on Tuesday.
The declines come as price action was consolidating between the 1850 and 1874 levels. If the current pace of decline continues, then we expect to see a move to the 1817.80 level of support once again.
The Stochastics oscillator is moving closer to the oversold levels. Therefore, the support area near 1874 is likely to find support once again.
This will keep prices supported above this level for the near term.
Given the current momentum, the precious metal is unlikely to breakout above the 1874 level of resistance.
