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The precious metal rose over 1.6% intraday following the volatility on Wednesday. Price action is now back near the familiar 1929.80 level.

The precious metal attempted to breakout past this level on the previous two occasions but failed.

Therefore, a strong close above this level could open the way for further gains in gold prices.

This could see the 1967.13 level as the next key resistance level to challenge.

To the downside, failure to post gains above the 1929.80 could signal near term weakness.

This could see gold prices trading back near the 1900 – 1911.50 level in the short term.

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