5th January Gold Outlook: $1840 to $1855 & $1865

Gold is seen in sideways move and consolidating below $1855 after some retail profit booking pressures pushed prices down to $1843.
Price action is showing minor downward bias settled within descending channel which often breaks to upside. We expect uptrend to resume from support areas aiming retest of $1855 followed by swing high $1865
A strong build up above $1865 will boost momentum for next leg higher $1870-$1878

Important: Stochastics on 4 Hour time frame are approaching oversold areas which may help Gold gain upward bounce from support areas.