Gold Advances For A Second Day

The precious metal is attempting to pare losses from last week as price action is trading stronger for the second consecutive day.

The recovery although nascent comes after prices fell toward the 1850 handle earlier. In the process, we see the double bottom pattern holding up.

This puts the minimum upside back to the 1900 region. Given that 1900 – 1911.50 held up as a strong support level, we expect prices to reverse gains here.

A reversal off this region could keep prices floating above the 1850 handle in short term, but further gains could come if this 1850 support breaks.

The next main downside target will be the 1817.80 region.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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