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The precious metal closed on Friday with some modest declines. But overall price action shows that we could see some consolidation taking place near the 1900 – 1911.50 level.

Given that this level previously served as support, establishing a firm resistance here will validate the downside.

For the moment, the 25 September lows near 1816.46 will serve as temporary support.

But a breakdown off this level will accelerate declines further. The next downside target will be the 1817.80 level.

To the upside, an unlikely move back above the 1911.50 could slowly shift the bias back to the upside. But for now, we expect that gold prices have formed a top.

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