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.
- -

xauusd

The precious metal gapped higher at the open today in an attempt to break out from the confines of the current highs.

However, after rising to intraday highs of 1762.96, price action is pulling back sharply. This could potentially result in a doji candlestick pattern.

The gains remain limited despite gold prices breaking past the upper end of the range of 1747. Unless support is established at this level, we do not expect to see any strong gains coming its way.

In the event of a breakdown below 1747, we expect the downside to come under pressure, potentially exposing gold to further declines.

TradingGold

The post Gold pops higher at the open, but momentum stays weak appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: