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.
- -

The precious metal closed on Friday with some modest declines. But overall price action shows that we could see some consolidation taking place near the 1900 – 1911.50 level.

Given that this level previously served as support, establishing a firm resistance here will validate the downside.

For the moment, the 25 September lows near 1816.46 will serve as temporary support.

But a breakdown off this level will accelerate declines further. The next downside target will be the 1817.80 level.

To the upside, an unlikely move back above the 1911.50 could slowly shift the bias back to the upside. But for now, we expect that gold prices have formed a top.

Test your strategy on how gold will fare with Orbex - Open your account now. 

The post Gold Prices Could Consolidate Back Near 1900 appeared first on Orbex Forex Trading Blog.

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

Tagged on: