Gold price dipped to the $1800 per ounce mark on Monday, as the US dollar’s rebound loses steam in the European session. As of 1155 GMT, gold was available in the international market at $1,800.10 per ounce after shedding $8.80. Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs92,300 with a loss of Rs300. The closing price of yellow metal in the country remained Rs92,600 on Friday. According to analysts, the recent range-bound price action over the past few trading sessions points to indecision among traders. This, in turn, makes it prudent to wait for a sustained move in either direction before placing any aggressive bets. Meanwhile, dips below the $1,800 mark might continue to find some support near the $1,795-93 horizontal support, which should act as a key pivotal point for intraday traders. A convincing break below might prompt some technical selling and accelerate the slide further towards the $1,780-78 support zone. Some follow-through selling below the $1,775 level will negate any near-term positive bias and turn the commodity vulnerable. The next relevant support is pegged near the $1,762-60 region, below which the XAU/USD could slide back to retest June monthly swing lows, around the $1,750 area, said the analysts.
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