The precious metal resumes its decline with price action currently trading near the 1777.50 level.
The decline marks a new two-month low in the commodity. A break down below this level could further accelerate declines.
Still, considering that this support level has held up previously around early December last year, the precious metal could post a rebound.
The daily Stochastics oscillator is also nearing the oversold levels. This could coincide with the support level holding up.
However, if the precious metal loses this support, we could see prices potentially falling to the next key support level near 1650.