Gold Fails Near 1967 Technical Resistance

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The recent gains in the precious metal hit a snag after price failed to breakout above the 1967 resistance.

The strong confluence of both the trend line and the horizontal support level has reversed direction.

Price action is likely to remain in a sideways range within 1967 and 1911.50. The Fed meeting later today will most likely see this range being breached.

The bias is limited to the upside unless gold can clear the 1967 and the 2000 levels.

To the downside, a close below the 1900 region could trigger a sharper correction.

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“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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