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


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.

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:

Gold



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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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