Gold Likely To Trade Flat For 3rd Consecutive Session

The precious metal is caught in a sideways range right after prices fell sharply last week to a two-month low.

Gold prices are currently steady with price action holding up above the 1850 level of support.

The near-term consolidation could lead the way to price making a correction to the upside.

This could see gold prices testing the 1900 -1911 region once again.

As long as resistance holds near this level, we could expect this sideways range to hold in the near term.

However, the bias will shift to the upside if gold manages to break past the 1900 threshold once again.

Meanwhile, the descending triangle pattern continues to hold for the moment, putting the downside target toward the 1750 level of support.

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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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