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Gold Bounces Off Support, But Downside Persists

Posted On 09 Jun 2020
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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.

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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