TVC:GOLD Gold price extended its downtrend below the immediate support of 1,930$ during the Asian session. Earlier, the precious metal showed a vertical decline after sliding below the 1,955$ cushion as the US economy was moving closer to default amid a divergence in views on the budget between the two countries.
Gold price has turned out of balance after breaking the consolidation formed in the 1,950-1,980$ range on the daily scale. The precious metal has moved into bearish territory and is expected to find support near the mid-month high at 1,915$.