The declines in the precious metal stalled after prices once again tested the 1817.89 level of support. A retest of this level, alongside the Stochastics oscillator attempting to move out from the oversold levels, could keep prices to the upside for the moment.
This will mean that gold prices will continue to maintain a sideways range between 1850 and 1817.89 levels in the near term.
On the daily charts, gold prices closed flat following the losses from the previous day.
Therefore, if price action turns bearish today, we could expect to see the previous lows at 1784.81 from 4th February coming under test once again.
To the upside, price action needs to post a strong close above the 10th of February highs of 1855.30 for any signs of further gains.
