Gold Holds Steady Near Previous Highs

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The precious metal is trading rather flat on the day following an attempt to push higher.

However, with prices trading just below the previous highs, we expect this consolidation to result in a breakout.

The bias is slightly to the downside, following the double top pattern forming near 1774.20.

If gold prices break down below 1760, then we expect a decline back to the 1747.20 level of support.

To the upside, clearly, gold needs to make a breakout above 177420 to continue the bullish trend.

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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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