This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Gold prices caught a bid following last Friday’s sell-off. Price action quickly bounced back off the 1671.95 level of support.
But despite this move, the lower high that is likely to form could be indicative of a move lower.
Watch how price behaves near the 1671.95 level. A breakdown below this key support could accelerate declines.
Technically, the next key level of support is at the 1571.78, which was briefly tested around late March this year.
Watch for a possible breakout of the falling trend line, which can potentially signal a turnaround in prices.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.