All in all, the path of least resistance appears to be on downside and prices could fall to $1,650 in the short-term.
That said, the long-term bias remains constructive with the metal likely to pick up a bid on potential coronavirus-led risk aversion.
Many observers believe the stock markets are not out of the woods yet and could face renewed selling pressure due to ever-strengthening prospects of a prolonged economic downturn, strengthening haven demand for the metal.