On the daily chart, following its failure to overcome a barrier at $1,799, the metal broke a support at $1,775. The break opened the way towards $1,723-$1,752 range.
Resistance is at $1,783, a break above which could lead to a gain to $1,801. On the daily chart, gold is retesting a support at $1,769, the 61.8% projection level of a downward wave C from $1,959.01.
On the daily chart, gold has broken a support at $1,805, the 50% projection level of a downward wave C from $1,959.01. The metal may test the next support at $1,769.
Lending some support to gold were worries over a surge in global coronavirus cases, which surpassed 100 million, as countries struggle with vaccine shortfalls.
Another retracement analysis on the fall from $1,959.01 to $1,809.90 reveals a support at $1,832, the 14.6% level, a break below may cause a fall to $1,820.