Stabilizing but technicals still pointing lower

After some big moves over the past few days, yesterday's price action was more subdued as the yellow metal stabilised above Tuesday's lows.

• There was little reaction in gold from either the US data or the FOMC Minutes yesterday with the metal instead sticking to a $1,801.8/oz to $1,817.8/oz range.
• Overnight price action has been even more subdued, sticking to a $1,806.9/oz to $1,812.8/oz range.
• The initial resistance for the yellow metal will come at $1,848/oz, the Sep28 low and the former bear trigger. Our technical analyst notes, however, that price action still looks negative and that the break below $1,848/oz set the scene for weakness towards the $1800.00 level and a Fibonacci retracement at $1763.5.