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Gold Prices Continue To Trade Flat

Posted On 06 May 2020
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xauusd

Gold prices are likely to continue to trade within the levels of 1712.47 and 1691.76.

This comes as risk appetite is improving slightly. With prices trading within the said levels, the bias also remains mixed.

There is scope for both an upside or a downside breakout. However, prices need to post a convincing close above the ranges to mark further direction to the trend.

The lower high formation, of course, adds to the downside bias, but with the support at 1691.76 holding up, for now, we expect the consolidation to continue.

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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