Gold Inches Back Higher But Off July 1st Highs

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The precious metal is recovering following last week’s decline from a fresh nine-year high.

Price action is trading around the 1783 level with the 4-hour chart signaling a Doji candlestick pattern.

This could potentially either signal a continuation or a reversal to the recent uptrend. Prices are still a little away from the 1800 level.

Any near term dips could, of course, attract new buyers into the market.

The price level near 1773 remains a likely spot to hold the precious metal from further declines in the near term.

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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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