Daily Times

Gold prices slowed the downward slide in the international market on Tuesday following Monday’s sharp decline and decreased by around 0.3 percent. At 1135 hours GMT, gold in the international market was available at $1,725.80 per ounce after shedding $4.80 as compared to its closing value on Monday last. Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs91,200 after shedding Rs800. The closing prices of the yellow metal in the country settled at Rs92,000 on Monday last. Key technical levels for gold remain intact on Tuesday as gold fluctuates in a relatively narrow range. In the meantime, the Relative Strength Index (RSI) on the daily chart stays below 30, suggesting that gold could look to correct its oversold conditions before pushing lower. The former support level at $1,750 now aligns as the initial resistance ahead of $1,760 (static level). A daily close above the latter could help gold go into a consolidation phase in the near term. On the flip side, $1,730 (static level) is the first target on the downside in case gold comes under renewed bearish pressure. $1,700 (psychological level) aligns as the next key support ahead of $1,687 (August 9 low).