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The precious metal is down over 2% intraday after weeks of consolidation.

Following the previous rise to the 1967 level of resistance, gold price drifted lower.

However, as the momentum is building up, the precious metal broke past the 1900 level.

This also means that the support level near 1911.50 is now breached.

Further continuation to the downside could see the 1850 handle being challenged next.

To the upside, any retracements could hit a snag near the 1911.50 level.

If resistance forms near this level, then it would confirm the declines down to the 1850 level for the moment.

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