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The precious metal is seeing another down day in the markets. The risk-on sentiment in the market is pushing the safe-haven asset lower.
Gold prices lost close to $33 on Monday and the declines continue on Tuesday as well. Price action broke past the lower support level at 1817.80.
But the declines could stall as the precious metal approaches the psychological support of 1800.00.
Any near term bounce could either stall near the 1817.79 or higher near the 1850 levels.
In any case, the upside bias for gold is diminishing as we expect to see a correction to the broader uptrend taking place.
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