Gold now heading towards the next key support level at $1,797, after breaking through last week's initial support of $1,825.

Gold now heading towards the orange support trendline, we can see that on Thursday 23^rd of February it moved and closed below the yellow trendline, breaking through that support barrier. Now the next key support level sits at $1,797 (along the orange trendline). A break and close below $1,797 could see the price fall as low as $1,784 (further support along the red trendline). A break below the red may even see a fall towards $1,750, although if this was to occur, it is more likely in the mid-term. Towards the upside, previous support of $1,825 is now acting as key resistance. However, it would need to tackle the first resistance level at $1,820. A break and close above the yellow trendline could maybe see a formation of some consolidation within its price. The technical indicators are both strongly negative, although the volume of MACD is starting to lower and RSI reads 30, suggesting the commodity is borderline ‘oversold’.