By Barani Krishnan

It is becoming more difficult for gold bulls to keep the $1,800 handle on their horses and go higher.

A day after making a return to settle at the berth it abandoned in mid-September, gold found itself back in the $1,700 territory despite continued weakness in U.S. — its main antidote.

That was even before new record highs across Wall Street on Tuesday for all the three major U.S. stock indexes — , and — as American corporations from banking to healthcare, auto, technology and entertainment reported blockbuster Q3 earnings.

To gold’s credit, it didn’t exactly melt down on the stock rally.

It was difficult, however to promote safe havens in a time of increased risk.

“Over a quarter of the way through this earnings season and over 80% of the S&P 500 companies have delivered earnings that topped expectations,” noted Ed Moya, head of research for Americas at online trading platform OANDA.

“Gold may struggle in the short-term as risk appetite is running wildly and most of the inflation news has been priced in.”

U.S. gold futures’ most active contract, , settled down $13.40, or 0.7%, at $1,793.40 an ounce.

It settled at $1806.80 just a day before, its first settlement above $1,800.

Moya said gold may find more resistance hereon as the dollar could bounce on a dovish outcome for the euro from Thursday’s European Central Bank rate decision.

“Gold is forming a range with prices likely to trade through the $1800 level a little while longer,” he added.