Gold trades back below $1,800 as the struggle continues

Technical Analysis

Author: Justin Low | gold

Gold is down 0.8% to $1,791 on the day currently

Gold H1 25-02
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After a push back above $1,800 earlier in the week, gold is trading back under the figure level again as sellers start to exert more near-term control in trading today.

Price action is still largely choppy around $1,800 with the key hourly moving averages also proving to be a battleground for buyers and sellers this week.

For now though, sellers are seizing back some near-term control with the trendline support @ $1,788 one to watch in case the downside momentum extends.

In the context of the bigger picture though, not much has changed for gold.

It remains in a tough spot to hold gains above $1,800 but for now, the downside momentum is also limited by support from the 30 November low @ $1,764.80.

That said, ETF positioning continues to allude to less enthusiasm in the yellow metal as of late with the drop this month set to be the fifth consecutive one:


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