The bullion declined today, losing 0.3% ahead of the US session as the dollar index increased along with US yields. At the time of writing, gold slipped below 1,780 USD.
There are no significant macro data on the agenda today. Thus, volatility could be lower throughout the rest of the day.
Gold remains below the medium-term uptrend line, and it also trades below its 200-day moving average, both in the 1,800 USD zone, which is also a strong psychological level. Therefore, the immediate outlook appears bearish as long as the price trades below this selling zone.
If the bullion manages to close above the 1,800 USD threshold on a daily basis, it could kill stop losses of short positions and possibly send the metal toward the previous key resistance of 1,830 USD. Additionally, November highs of 1,860 USD could also be a target for bulls in case of an upside breakout.
On the downside, the support is at last week's lows near 1,760 USD, and if not held, further decline toward September lows at 1,720 USD could occur.
Later in the week, the US CPI data are due, most likely causing elevated volatility in precious metals. Until then, we might see a tight trading range.