Last week, the price of gold remained above a significant horizontal trendline support from January 5th's low of $1,825. This could encourage gold bulls to attempt to retest the previous support, which has now become resistance, at the 50-Daily Moving Average of $1,853. The high of $1,845 from Thursday may also present a challenge to those with bearish commitments. If the key support at $1,825 is breached, a retest of the previous day's low at $1,819 may occur, followed by a potential downturn to the $1,800 barrier.
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