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xauusd

The precious metal is down over 4% intraday.

The declines come amid a boost to risk on sentiment in the markets.

Gold prices reversed gains, just a few ticks shy of the 1967.13 level of resistance.

Following this, the precious metal fell past the 1900 level of support. This could now see the XAUUSD likely to test the 1850 support area next.

The Stochastics oscillator is also well positioned and has room for further move to the oversold levels.

We expect the current declines in gold to stall near 1850 for the moment.

TradingGold

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