Gold Prices Subdued Below 1850

By Orbex

The precious metal is posting modest declines a day after the precious metal fell over 1.2%. However, price action remains well supported above the 1817.80 level.

In the near term, we expect price action to remain trading flat within the 1850 and 1817.80 levels.

The Stochastics oscillator is currently slipping into the oversold level. This could indicate further near-term downside.

Stronger price action is, however, expected on the back of fundamentals. This is especially regarding the Coronavirus stimulus bill.

By Orbex