From a technical perspective, the overnight break below the 50-day Simple Moving Average (SMA) could be seen as a fresh trigger for bearish traders. Hence, any subsequent recovery might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the $1,872-$1,875 region. This is closely followed by the $1,890 hurdle, above which Gold price could surpass the $1,900 mark and test the next relevant resistance near the $1,925-$1,930 congestion zone.
On the flip side, the $1,850 level now seems to protect the immediate downside. Some follow-through selling could drag Gold price further towards the $1,830 intermediate support en route to the $1,818-$1,817 zone and the $1,800 round figure.
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