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The precious yellow metal broke the key support near 1,860, falling to a four-month low of 1,810.The sellers come amid rising optimism about a coronavirus vaccine. The US dollar rebounded, adding further pressure to the precious metal.
Technically, gold prices entered a three-month consolidation after reaching an all-time high in early August. The overall trend appears to bias toward the downside, as suggested by the formation of a series of lower highs and lower lows.
With the 1,860 critical support breached, the precious metal is likely to extend its losses and to decline to the 1,800 level that is the next psychological round figure mark. This level was 2011 November high, a key level for traders to look on which coincides with the lower boundary of a bearish parallel channel .
To the upside, if any retracement back toward the 1,850-1,860 level could see additional selling opportunities for investors.
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